In today’s briefing:
- $SPX 4165-4200 in Play; WTI Crude Testing $82 Resistance; Buys in Gold Miners, Waste Services
$SPX 4165-4200 in Play; WTI Crude Testing $82 Resistance; Buys in Gold Miners, Waste Services
- On 3/21/23 we discussed the potential for a 2-5% rally to the 1.5-month downtrend on the SPX, or the 4165-4200 range, which would set up an opportunity to get defensive.
- The S&P 500 has gained 4.5% since, but has reversed topside the downtrend, putting a test of 4165-4200 in play.
- We still believe 4165-4200 will cap upside in 2023 — with a reach to 4300-4325 also possible — but considering limited upside, we recommend shifting toward defensives.
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