In today’s briefing:
- Shifting Exposure From Growth to Value; Downgrading Technology; Upgrades: Manufacturing & Utilities
Shifting Exposure From Growth to Value; Downgrading Technology; Upgrades: Manufacturing & Utilities
- While the market remains in consolidation/pullback mode and we are not out of the woods, it is possible that further downside is limited from here on the S&P 500
- Since late-February, we’ve discussed important gap support from 2/22/24 at 4983-5050 on the SPX, with bulls in control if above 4983. Selling last week has simply filled this gap
- 4920-4950 is now support near last week’s lows. Downgrade: Technology (XLK) to market weight. Upgrades: Manufacturing/Industrials (XLI) to overweight and Utilities (XLU) to market weight; individual stock buys highlighted.
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