In today’s briefing:
- Normal Pullback, or Something More?; Watching Resistance on DXY and 10-Yr Treasury Yield; Value Buys
Normal Pullback, or Something More?; Watching Resistance on DXY and 10-Yr Treasury Yield; Value Buys
- Global equities are under some pressure after Fitch downgraded the United States’ credit rating to AA+ from AAA.
- We expect that this is a normal 3%-6% pullback to the 50-day MA or major $93 support level on the MSCI ACWI iShares MSCI ACWI ETF (ACWI US) .
- $TNX is below 4.1%-4.3% and DXY remains in an 8-month downtrend; as long as this remains true, we’d buy on a pullback to the 50-day MA and/or $93 on ACWI-US
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