In today’s briefing:
- Downgrading Outlook on $SPX; Upgrading Real Estate and Staples. Many Significant Risk-Off Signals
Downgrading Outlook on $SPX; Upgrading Real Estate and Staples. Many Significant Risk-Off Signals
- We are downgrading our long-term outlook to neutral (had been bullish since early-November 2023) due to rapidly deteriorating market dynamics
- We still believe the S&P 500 is going through a 1- to 4-month consolidation phase, but odds have increased that this consolidation phase could be a topping pattern.
- SPX is initially holding at 5100-5191 as discussed last week, but we’re not interested in knife-catching or picking a bottom, want to see stabilization/price discovery before adjusting our still-defensive posture.
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