In today’s briefing:
- Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk
Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk
- Our outlook remains bullish on global equities (MSCI ACWI). We’ve been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.
- We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.
- With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.
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