In today’s briefing:
- Consolidation Likely, But Little Reason to Be Bearish; Buys Within Biotech, Latin American Banks
- Japan and Taiwan Add Levels
Consolidation Likely, But Little Reason to Be Bearish; Buys Within Biotech, Latin American Banks
- The S&P 500 is 1% above the 4300-4325 area which we anticipated would cap upside for 2023.
- Our view since our 5/30/23 ETF Pathfinder is that we cannot be bearish if the SPX is above 4050, and we subsequently moved that line-in-the-sand up to 4165-4200 on 6/6/23.
- We are moving that threshold up to 4300, which is short-term support to watch; a break below it could bring selling pressure.
Japan and Taiwan Add Levels
- Japan and Taiwan have been top bull bets in Asia and still a space we like adding. Dips to date have been shallow and must be factored into entry levels.
- Japan and Taiwan have both shown impulsive rally structures as has India’s Nifty (a bit tired amid overbought readings).
- An SPX bull turn will be used as a long trigger for the Nikkei and Taiwan (Asia). Late June cycle peak approaching.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
