The S&P500 suffered a shocking Q3 2015 seeing July +1.3%, August -6.3% and September -2.6% wiped off the value of the index erasing all year on year gains.. Recovery has come back into October however with Fed rate hike likely pushing into 2016, question of whether positive trend sustainable becomes more audible and relevant... QMG data on the US began to soften towards the end of Q1 15 and this was confirmed by the weaker than expected Q1 GDP print... our observations showed continued declines since then to the point where we are cautious on the US market overall...However, our recent data suggests downward pressure on top line performance across US manufacturers is abating... Additionally, the US Retail super-sector may be in the early stages of recovery....Key observations: US Retailers look better than Manufacturers... Homebuilders remain POSITIVE... Steel Tubes/Oil remains NEGATIVE... CAUTION on Construction Machinery... Subscribers can access the full report here: (VIEW LINK)