In today’s briefing:
- US Fresh Sell Levels
- Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities
US Fresh Sell Levels
- US bounce in line off of SPX 3,900 support. Index trendline resistances will offer fresh sell points with NDX our top short pick in the US.
- RTY was our long pick off of 1,775 support, to trade a bounce toward trendline and will then turn bearish again.
- NDX 12,500 zone the fresh short area. DAX and weaker Asia still a high conviction short group.
Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities
- We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.
- This includes the S&P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) — add exposure.
- While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.
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