In today’s briefing:
- Shift Now to Defensives; Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral Outlook Intact
Shift Now to Defensives; Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral Outlook Intact
- Snap-Back rallies have continued in the largest global equity markets (U.S., Japan, and Europe).
- Japan’s TOPIX is still below 2690-2700 and the EURO STOXX 50 is below 4884, and whether they roll over here or from marginally higher levels, lower highs remain likely.
- It all fits with our ongoing belief (since our July 25, 2024 Int’l Compass) that MSCI ACWI is going through a 1- to 4-month pullback/consolidation (we are one month in).
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