Daily BriefsTechnical Analysis

Daily Brief Technical Analysis: Shifting Exposure From Growth to Value; Downgrading Technology; Upgrades: Manufacturing & Utilities and more

In today’s briefing:

  • Shifting Exposure From Growth to Value; Downgrading Technology; Upgrades: Manufacturing & Utilities


Shifting Exposure From Growth to Value; Downgrading Technology; Upgrades: Manufacturing & Utilities

By Joe Jasper

  • While the market remains in consolidation/pullback mode and we are not out of the woods, it is possible that further downside is limited from here on the S&P 500
  • Since late-February, we’ve discussed important gap support from 2/22/24 at 4983-5050 on the SPX, with bulls in control if above 4983. Selling last week has simply filled this gap
  • 4920-4950 is now support near last week’s lows. Downgrade: Technology (XLK) to market weight. Upgrades: Manufacturing/Industrials (XLI) to overweight and Utilities (XLU) to market weight; individual stock buys highlighted.

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