In today’s briefing:
- Still No Decisive Breakout as SPX Tests 5783 Resistance; Ideal Time to Shift to Defensives
Still No Decisive Breakout as SPX Tests 5783 Resistance; Ideal Time to Shift to Defensives
- $SPX remains below 5783, the upper-end of important target/resistance area we’ve discussed for a month+ (5670-5783). 5670 was prior all-time high set in July, while 5783 is 2% above 5670.
- It’s hard to call it a “decisive” breakout if SPX isn’t even 2% above its prior high. In 2007, SPX made a top after climbing 1-2% above its prior high.
- The 2007 topping analog has tracked the current market almost perfectly, with similar backdrops to today including new Fed cutting cycle, recession indicators going off, yield curve un-inverting, defensives outperforming
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