In today’s briefing:
- Upgrading Real Estate, Transportation to Market Weight; Smid-Caps With Bullish RS Reversals
Upgrading Real Estate, Transportation to Market Weight; Smid-Caps With Bullish RS Reversals
- Ongoing developments have been almost exclusively of the risk-on variety ever since we discussed that risk/reward favored buyers in late-October (10/24/23 and 10/31/23 Compass reports).
- The latest risk-on developments include the Russell2000 (IWM) and DJI breaking above resistances of $180 and 35,650, to go along with bullish 9-month RS reversals for small-, mid-, and micro-caps.
- Breadth improvement and broadening participation was a big reason why we recommended buying the IWM when it was testing $162-$163 support (10/31/23 Compass). We remain bullish
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