Weekly Macro Themes Report - US stock trend and momentum are still bearish

TopdownCharts
11-30

This week I covered the following topics/ideas: $.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $.IXIC(.IXIC)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $.DJI(.DJI)$ $GLOBAL X DOW 30® COVERED CALL ETF(DJIA)$

1. GSV vs ULG: Strategically bullish global/small/value vs US/large/growth on compelling relative valuations, but tactically cautious as trend and momentum are still bearish; no turn yet.

2. EM Equities: Remain constructive on EM equities despite the drop in sentiment and pullback in prices; longer-term technicals remain bullish and valuations cheap + policy supportive.

3. EM Fixed Income: Overall optimistic on EM bonds as valuations remain cheap, sentiment reset back to bearish, real yields decent, and monetary policy turning to increasing tailwind.

4. Frontier Markets: Remain cautiously optimistic on frontier market equities given cheap absolute and relative value, tamed inflation and pivot to rate cuts, but mindful of recent softer technicals.

5. Gold Price: Despite notable tailwinds and an underlying uptrend, gold faces elevated downside risks as technicals deteriorate from a starting point of excess optimism and expensive valuations.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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