In today’s briefing:
- Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight
Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight
- Over the past two weeks we’ve discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).
- Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.
- We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&P 500 as healthy/normal within the ongoing bull market.
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