In today’s briefing:
- Russell 2000 (IWM) Testing $170; Downgrading Energy; 10-Yr Treasury Yield Testing 3.4% Support
Russell 2000 (IWM) Testing $170; Downgrading Energy; 10-Yr Treasury Yield Testing 3.4% Support
- Our 2023 outlook remains unchanged; we see the market indexes consolidating within broad horizontal ranges, and we expect the top-end of the range to be 4165-4200 on the S&P 500.
- The bottom-end of the range is at the 2022 lows (3490). Another possible support level we are monitoring is at the December 2022 lows (3765).
- The Russell 2000 (IWM) is testing important support at $170 (the Dec. 2022 lows and the prior downtrend from 2022), suggesting this is a logical time for an oversold bounce.
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