In today’s briefing:
- Downgrading Industrials to Market Weight; Major Supports Holding; Buys in Uranium and Refiners
Downgrading Industrials to Market Weight; Major Supports Holding; Buys in Uranium and Refiners
- We still believe it’s possible we’ve seen the lows for this pause/pullback on the SPX, and we see low probability of meaningful correction if SPX is above 4300-4325 (1.5-year support).
- As initially discussed in our 8/29/23 Compass, we wouldn’t be surprised to see another month+ (i.e., through the end of September, and possibly longer) of consolidation between 4325 and 4600.
- Downgrading Industrials (XLI) to market weight due to 1.5+ year RS uptrend violation. Buys highlighted in Uranium and Energy (refiners and coal).
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