Highlights
- Market internals are deceptively oversold, setting the stage for a strong Q4'26 seasonal window.
- We are more than 100% net long but with an ample short position of over -30%, highlighting once again that, while bullish, conditions are far from stable.
- We will be watching how the rally unfolds, as it will be critical that the next overbought condition be strong enough to fix the currently short-term broken trend structure.
- Barring this, we will be exiting most tactical longs, protecting. . .
