In today’s briefing:
- S&P 500 and Russell 2000 Testing 1-Year Uptrends; “Magnificent Seven” Supports to Watch
S&P 500 and Russell 2000 Testing 1-Year Uptrends; “Magnificent Seven” Supports to Watch
- As discussed in last week’s Compass (9/26/23), we continue to believe the odds of a deeper pullback to SPX 4165-4200/the 200-day MA have increased
- Our reasoning continues to be due to the major breakouts in the U.S. dollar (DXY) and Treasury yields (10- and 30-year), coupled with a handful of Sectors/indexes breaking below supports.
- We are also monitoring 1-year uptrends on the S&P 500 and Russell 2000 (IWM), currently at 4240 and $173. Flirting with breakdowns below these levels today. Buys in retail/energy shippers
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