Equities could consolidate into November. Growth themes should then outperform into early next year.
The S&P500 Index may continue to bounce into early/mid October, but then consolidates again into November. It then rises towards next Spring and new highs.
In this environment, we would probably favor Defensive themes such as US Staples from early/mid October into November as equity markets retrace again, would then favor Growth themes and the Nasdaq 100 Index as the uptrend resumes into Q1, and would probably remain underweight more Cyclical themes throughout the period.