In this weekend's 407th edition of Turning Points we have a 15 page note discussing new highs in the SPX along with target levels to look for during earnings season; When recent weakness in bonds is set to reverse; A glimmer of hope emerging in small-caps; Adding a new name to our Earnings Trade Portfolio.
What follows is a brief preview from this weekend's note:
MARKET UPDATE
The SPX closed at a record high this week, validating the technical data from early December showing that the momentum move over the key red trajectory was indeed a “real move” this time, as opposed to the countless whipsaws investors have experienced over the past couple years.
A perfect 3 step process has taken place from the point of approaching resistance up to where we find ourselves today.
The legitimacy of this move has been proven, with one single resistance area remaining until acceleration over 5000 takes place, which I expect to occur during Q2.
4900 is a resistance area that needs to watched closely from here. In fact, this is the first area since taking up our long exposure in early December where considering taking off some risk will be appropriate.
As I have mentioned previously, this isn't 2022-2023, where it will serve investors well to move to cash positions or short periodically. That ship has definitely sailed.
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