Highlights
- Under the weight of the MAG7, we should expect that the S&P will make its way to its 200-day average in coming months (perhaps -7% from its peak by the time the two meet in Sep or Oct).
- While we will need to see how well the market's internal condition holds up during such weakness, our take is that at minimum, it is good enough today to expect at least a meaningful tactical rally off the 200-day.
- Our plan is to. . .
