In today’s briefing:
- S&P 500, NYSE Comp, QQQ Find Initial Support; Strong Buying Demand Suggests Local Low at Minimum
S&P 500, NYSE Comp, QQQ Find Initial Support; Strong Buying Demand Suggests Local Low at Minimum
- In our 2/25/25 Compass, we discussed our expectation for near-term downside as the S&P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.
- The downward pressure has brought the S&P to the bottom of our range at 5600-5670.
- Friday’s and Monday’s tape action alleviated oversold conditions as strong demand was a clear positive. We need the 5500-5600 level to hold in order to remain constructive.
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