In today’s briefing:
- Oversold Bounce Underway Amid Consolidation Phase; Buys in IT Consulting, Uranium, Technology
Oversold Bounce Underway Amid Consolidation Phase; Buys in IT Consulting, Uranium, Technology
- Last week (8/22/23) we discussed our expectations for an oversold bounce due to an overwhelming number of indexes/Sectors/industries testing multi-month supports, combined with Treasury yields and the DXY testing resistance.
- The bounce has begun with the SPP ending higher last week for the first time in a month, and it is possible we have seen the lows for this pause/pullback.
- A meaningful correction cannot happen if the SPX is above 4300-4325, but we would not be surprised to see another month or more of consolidation between 4300 and 4600.
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