In today’s briefing:
- Bear Market Rally Remains in Play; Russell 2000 (IWM) Short-Term Breakout; Buys in Banks & Insurance
Bear Market Rally Remains in Play; Russell 2000 (IWM) Short-Term Breakout; Buys in Banks & Insurance
- Despite a few tumultuous trading days, the S&P 500 remains above its 200-week MA (3590-3600) and the Russell 2000 (IWM) remains above $163 — both important support levels moving forward.
- We continue to see potential for a bear market rally (~+10% from the lows) as long as these support levels hold.
- Bear market rallies would be confirmed by bullish reversals of the 2-month downtrends, or above 3810 on the SPX and above $174 on the IWM, and the latter happened today.
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