In today’s briefing:
- S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious
S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious
- Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week’s Compass (4/1/25), when we downgraded our outlook to bearish/cautious.
- A historic selloff has ensued and significant damage has been done as market dynamics have worsened.
- Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.
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