In today’s briefing:
- Downgrading Japan; Stay Defensive; Downgrading Outlook on Global Equities $ACWI to Neutral
Downgrading Japan; Stay Defensive; Downgrading Outlook on Global Equities $ACWI to Neutral
- We continue to believe a 1-4-month pullback/consolidation is ongoing. Important supports have been violated, including $110 on MSCI ACWI (ACWI-US) and $41 on MSCI EM (EEM-US).
- We’re shifting our outlook to neutral on $ACWI after being bullish since early-November 2023. Major price breakdowns combined with deteriorating market dynamics have increased the odds of a topping pattern.
- Also downgrading Japan to market weight. 7/25/24 we said “Japan’s TOPIX breaking below 2800-2815 is near-term bearish, suggests it could pull back to its long-term uptrend, or worse.”
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