In today’s briefing:
- Supports to Be Tested Again Following CPI? Stick With Solar Stocks, Buying Manufacturing Names
Supports to Be Tested Again Following CPI? Stick With Solar Stocks, Buying Manufacturing Names
- Key supports that we highlighted in last week’s Compass (Sept. 7) held strong, including 3900-3910 on the SPX, $293 on the Nasdaq 100 (QQQ), $177-178 on the Russell 2000 (IWM).
- We got the bounce where bulls needed to hold, but these levels could be tested again following this morning’s hotter-than-expected CPI report.
- As long as the aforementioned supports continue to hold, we continue to believe the lows are likely in for this bear market — something we noted throughout late-July and August.
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