In today’s briefing:
- Expecting SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive
Expecting SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive
- Since late-February(2/25/25) we were expecting an 8-10% pullback to provide a buying opportunity.However,after getting the 10%+ pullback, we discussed 4/1/25 that we no longer saw it as a buying opportunity
- We downgraded our outlook to bearish/cautious. We then discussed last week(4/8/25)how it was a logical spot for a local bottom to develop at 4800-4820 on SPX and $402-$412 on QQQ.
- A rally sparked from there, but we now are looking for SPX rally to fizzle, either here at 5490-5500 (20-day MA) or the 200-day MA (currently 5754) or 5785 level
Before it’s here, it’s on Smartkarma
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