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POSITION: Long Utilities (XLU), Short Consumer Discretionary (XLY)

That beta “down-shift” from 1 was good for 30 handles, or -2.2%, in the SP500. We’ll take that – literally. At a minimum, you should be covering oversold short positions here.

Across all 3 core risk management durations in my model, here are the lines that matter most right now: 

  1. Immediate-term TRADE resistance = 1366
  2. Immediate-term TRADE support = 1346
  3. Intermediate-term TREND support = 1283 

Snapping that 1366 line yesterday is now yesterday’s risk management news.

Now we’re right at support. This is a Short Covering Opportunity.


Keith R. McCullough
Chief Executive Officer

Short Covering Opportunity: SP500 Levels, Refreshed - SPX