Equity indexes could continue to rise into 2022, in nominal terms at least.

Executive Summary:

• Equity markets have been consolidating since early September. This countertrend should find closure over the next week to 10 days (3 to 5% remaining downside risk).

• Following that, Global Equity markets could build a base until early/mid December and then rise into next year.

• Our long term bi-monthly graphs suggest 15-20% upside potential into late 2021 / 2022.

• Europe may gradually start to reverse up vs the US from early next year on a long term relative basis, while China has probably already started to do so.

MJT blogposts November 2020

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