In today’s briefing:
- Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600
Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600
- In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common
- And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
- The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area
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