In today’s briefing:
- Downgrading Discretionary & Health Care to Market Weight, Staples & Utilities to Underweight
Downgrading Discretionary & Health Care to Market Weight, Staples & Utilities to Underweight
- Since January 2023 we’ve anticipated for 4165-4200 to cap upside on the S&P 500 for 2023, but that a rally to 4300-4325 is also possible; this remains our view.
- In our 5/2/23 Compass we discussed how the Nasdaq Composite was testing 12,300 resistance, and that a breakout and reach to 13,180 is possible.
- The Nasdaq Composite hit 13,154 Tuesday as Technology (XLK), and to a lesser extent Communications (XLC), are seemingly in a blowoff stage, while all other Sectors are neutral to bearish.
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