In today’s briefing:
- Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support
Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support
- We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.
- This still hasn’t happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)
- If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys
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