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The Monday Morning Playbook: Week of January 21, 2025

Now comes the hard part

Good morning,

Last week was fun, right?!

The S&P 500 (+2.9%) posted its best week since the election, banks soared on the back of earnings, and we finally got some relief from interest rates.

Unfortunately, now comes the hard part.

The S&P 500’s rally stalled right at multiple resistance points on Friday and we still haven’t seen either of the two main criteria I look for when calling a market bottom.

There are no certainties in financial markets and it doesn’t mean we can’t go higher this week or even breeze through to all-time highs.

But from a risk/reward standpoint, we should remain skeptical that volatility is over and I view this market as guilty until proven innocent.

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