In today’s briefing:
- Bull Trap Still Brewing?; Treasury Yields and DXY Climbing; Stay Defensive With $SPX Below 5783
Bull Trap Still Brewing?; Treasury Yields and DXY Climbing; Stay Defensive With $SPX Below 5783
- The $SPX continues to hold below 5783, the upper-end of an important target/resistance area (5670-5783) we’ve discussed since our 8/13/24 Compass, just after SPX hit our 5100-5191 “expected pullback zone.”
- The current “breakout” above 5670 is an extraordinarily weak one, which suggests a false breakout/bull trap is brewing; SPX has spent nearly three weeks above 5670, with zero upside follow-through.
- As long as the SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives.
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