In today’s briefing:
- Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution
Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution
- Our long-term bullish outlook (since early-November 2023) remains intact. With that said, we believe a 1-3-month pullback has likely begun.
- Supports to watch are at $110 on MSCI ACWI (ACWI-US) and $41-42 on MSCI EM (EEM-US), and whether these levels hold or not will determine the severity of the pullback.
- The S&P 500 is violating its 20-day MA, Europe’s EURO STOXX 50 is breaking below 4884, and Japan’s TOPIX appears to be staging a false breakout at the 2800-2815 level
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