In today’s briefing:
- Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation
Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation
- Our bullish outlook initiated on November 7, 2023 remains intact; this intermediate-to-long-term outlook is likely to stay in place as long as 4800 support holds on the SPX (7-10% downside).
- To be clear, we aren’t calling for a pullback to 4800; we view it as a worst-case scenario for the S&P 500, and we want to be prepared for anything.
- Shorter-Term, we remain bullish on the S&P 500 and Nasdaq 100 (QQQ) as they both refuse to close below their 20-day MAs for more than 2-3 consecutive days.
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