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Takeaway: Bears will be bitter.


These market corrections are huge. I opened the day net short (4 LONGS, 5 SHORTS) because Friday’s close was immediate-term TRADE overbought. SPY dropped a whopping -0.35%, then rallied back to its all-time high on another bullish #GrowthAccelerating data point.

ISM non-manufacturing (i.e. the bulk of the US economy) accelerated to 56.0 in JUL vs 52.2 in JUN and some of the components within the report ripped (New Orders 57.7 vs 50.8 last month, and Business Acvivity 60.4! vs 51.7 last month). Bears will be bitter.

Across our core risk management durations, here are the lines that matter to me most:

  1. Immediate-term TRADE resistance= 1714
  2. Immediate-term TRADE support = 1693
  3. Intermediate-term TREND support = 1630

Higher-lows, higher-highs, and accelerating US growth data looks just about right. Don’t forget that’s what Gold and Bonds have been discounting now all year. Growth as a style factor within equities is ripping too (Top25 EPS growers in our SP500 model = +7.3% m/m and +26.8% YTD).

Don’t fight the data – and keep moving out there,


Bullish: SP500 Levels, Refreshed - SPX