In today’s briefing:
- Pullback Continues $ACWI; Stick With Defensives; More Countries With Improving Price and RS Trends
Pullback Continues $ACWI; Stick With Defensives; More Countries With Improving Price and RS Trends
- We believe a 1-4-month pullback/consolidation is ongoing, and we would look for an important low to be made near the U.S. election.
- Supports to watch continue to be $110 on $ACWI and $41-42 on MSCI EM $EEM, and whether these levels hold or not will determine the severity of the pullback.
- Primary reasons for this bearish expectation include major bullish RS inflections for defensive Sectors, and bearish price action in the U.S. (SPX), Japan (TOPIX/Nikkei 225), and Europe (EURO STOXX 50)
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