In today’s briefing:
- Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish
Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish
- Our long-term outlook remains bullish as long as the S&P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.
- With that said, we see potential for near-term downside based on several developments discussed below. It likely means at least another 2-4 weeks of consolidation
- If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670
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