Highlights
- After rallying over 13% from recent lows, the S&P has settled in with a more than 11% gain since April 7th.
- While this has many gaining in confidence that the worst is behind us, that optimism is not confirmed by the data.
- By our work, all we have done is go from "broken and very oversold" to "broken and fairly oversold."
- With the S&P now in the middle of 5400-5600 resistance, strategic allocators should pause new investments. . .
