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The Monday Morning Playbook: Week of July 22, 2024

Breadth thrusts trump risk at the top

*Please note, this week’s video was recorded before President Biden’s decision to not seek reelection was announced. However, an additional section with two charts has been added to the written report below.

Good morning,

Last week, the S&P 500 suffered its worst week since April amid wildly bullish action.

Wait, what????

You read that right. Even though the benchmark index declined by 2%, more stocks within the S&P 500 were higher than lower on the week. And 66% of Russell 2000 stocks were higher as that index gained 1.7%, adding to its breakout and holding last week’s level to watch.

We’ll talk about the risks at the top of the index but the takeaway from the past week and a half of market action should be this:

Stocks are overwhelmingly likely to be higher 6-12 months from now.

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Brown Technical Insights
Brown Technical Insights
Authors
Scott Brown, CMT