In today’s briefing:
- Bullish Outlook Intact; Downgrading Industrials and Transportation to Underweight
Bullish Outlook Intact; Downgrading Industrials and Transportation to Underweight
- Despite some more mixed signals, a majority of market dynamics still suggests a risk-on environment. Our bullish outlook since early November 2023 remains intact with SPX and QQQ uptrends intact.
- Near-Term we continue to expect to see support at the 20-day MA and 21-day EMA on the SPX (currently 5325-5330) and QQQ (currently $460-462).
- Longer-Term, we’re bullish as long as the SPX is above 5191 and QQQ is above $449. We’d need to see breakdowns below these levels in order to shift to neutral.
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