In today’s briefing:
- Russell 2000 (IWM) Testing $180 Resistance; Rising Treasury Yields & DXY To Become a Problem?
Russell 2000 (IWM) Testing $180 Resistance; Rising Treasury Yields & DXY To Become a Problem?
- Since January 2023 we have anticipated 4165-4200 would cap upside on the S&P 500 for 2023, but that a rally to 4300-4325 is also possible; this remains our view.
- So far there has not been much traction above 4200. Obvious problem is weak breadth, but this does not have to end badly if large-caps pause, and capital disperses elsewhere
- To that end, we’re watching the Russell 2000 (IWM) which is testing 2.5-month resistance at $180; a break above resistance would signal improving breadth and would be a positive development
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