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Are Markets Overbought? What History Tells This Technical Analyst

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Stocks were moving higher on Tuesday, October 19 as the market prepares to have 75 of the 500 S&P companies report earnings. 

But there was a disappointing reading for September housing starts, which fell 1.6% to an annual rate of 1.555 million units, with permits for new construction slumping 7.7% when compared to August.

TheStreet's Martin Baccardax pointed out that investors are looking for collective S&P 500 profits to rise 32% from last year to $421.4 billion, with a solid 22.3% growth rate to follow in the fourth quarter, earnings strength has underpinned markets at a time when inflation pressures remain stubbornly embedded and economic growth looks set to slow over the final months of the year.

Action Alerts PLUS portfolio managers Bob Lang and Chris Versace gave their technical and fundamental views on the market. 

As Inflation Takes Center Stage, What Role Will The Fed Play?

Head to Tuesday's Daily Rundown to hear what Versace and Lang are only telling members of the Action Alerts PLUS investing club. 

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