In today’s briefing:
- Downgrading Discretionary to UW; 2000, 2007, 2022 SPX Top Similarities Suggest Test of YTD Highs
Downgrading Discretionary to UW; 2000, 2007, 2022 SPX Top Similarities Suggest Test of YTD Highs
- We downgraded our long-term outlook to neutral last week (8/6/24 Compass) after being bullish since early-November 2023. We still believe the SPX is going through a 1-to 4-month consolidation phase.
- It is possible the low for this consolidation has been established within our expected pullback zone of 5100-5191 that we discussed two weeks ago (7/30/24 Compass)
- In terms of upside, the SPX could test its YTD highs or make a marginal new high, or could also see it roll over at the 5400 or 5585 resistances.
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