In today’s briefing:
- Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology
Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology
- Last week we discussed how evidence was pointing to a major low at 5500-5600 on the SPX, but now it appears more likely to just have been a local low
- Market dynamics have continued to deteriorate to the point where we no longer see this as a buying opportunity.
- We are cautious and would get defensive as long as the S&P 500 is below 5770-5780 and its 200-day MA; we believe we are in a “sell rallies” regime
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