In today’s briefing:
- Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive
Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive
- We have been expecting near-term downside on ACWI-US and the S&P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&P 500 displayed false breakouts.
- Market dynamics have continued to deteriorate to the point where we don’t see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.
- Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.
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