The U.S economy grew 3.5% in Q3 and is set to grow 3.3% for 2018. Inflation pressures have subsided with the latest data showing year-over-year pricing pressures trending lower.
Stock market leading sectors include utilities, consumer staples and health care.
Once a bottom can be identified leadership is expected to shift to the materials, consumer discretionary and tech sectors.
The Fed meets on November 8. Odds favor a rate hike on December 16.