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POSITIONS: Long Utilities (XLU), Short Industrials (XLI) and Short Basic Materials (XLB)

Our Growth Slowing, Strong Dollar, and Bernanke’s Bubbles (short Commodities) Macro Theme calls for Q2 have not changed – consensus is starting to.

Here are the lines, across risk management durations in my model, that matter most: 

  1. Intermediate-term TREND resistance = 1369
  2. Immediate-term TRADE resistance = 1316
  3. Immediate-term TRADE support = 1294 

In other words, I expect to see The Test (as in a re-test of the YTD closing lows), then maybe I’ll get net longer from there for the bounce. We’ll see. I think being able to change your mind fast is important right now.

Almost the entire Sell-Side still needs to cut their US GDP Growth estimates, again.


Keith R. McCullough
Chief Executive Officer

The Test: SP500 Levels, Refreshed - SPX