In today’s briefing:
- Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?
Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?
- The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.
- We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.
- After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels
💡 Before it’s here, it’s on Smartkarma
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