In today’s briefing:
- S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish
S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish
- As discussed throughout January, we believe that tariffs will mostly be used as a negotiation tactic, and much like Trump’s prior presidency, will be much less impactful than feared.
- We reiterated this in yesterday’s pre-market ETF Pathfinder (Feb.3), also noting “we anticipate the Canada/Mexico tariffs to be resolved quickly, and we view the latest pullback as a buying opportunity.”
- Sure enough, both Mexico and, later, Canada, came to an agreement with Trump to delay tariffs for 30 days. Short-term support remains at the prior 1-month downtrend on the SPX.
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