In today’s briefing:
- Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play
Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play
- We are seeing a broad-based snap-back rally after the S&P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports
- We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.
- Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).
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