US Tech Stocks:Caution on High Valuations, But Momentum Supports Upside

Here's the topics & takeaways from my latest Weekly Macro Themes report: $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $Dow Jones(.DJI)$

1. Emerging Markets: remain bullish EM equities given improved technicals, reasonable valuations, favorable macro/fundamentals, and very light positioning despite positive sentiment.

2. US Tech Stocks: remain wary on tech stocks given elevated valuations and stretched positioning, but lift risk-watch given strong macro/fundamental momentum and bullish technicals.

3. Gold: gold faces significant downside risk given major deterioration in technicals from a starting point of extreme overvaluation and consensus bullishness (and fading of past tailwinds).

4. Agri Commodities: remain vigilant to upside risk in agri commodities given improving technicals, supportive sentiment, fundamental upsides (valuations, capex, weather, geopolitics).

5. Monthly TAA Review: overall continue to favor growth assets (commodities and emerging markets in particular), funding by underweight to cash and gold (whereas bonds look slightly positive medium-term).

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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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Emerging Markets: </strong>remain bullish EM equities given improved technicals, reasonable valuations, favorable macro/fundamentals, and very light positioning despite positive sentiment.</p>\n<p style=\"text-align: start;\"><strong>2. US Tech Stocks: </strong>remain wary on tech stocks given elevated valuations and stretched positioning, but lift risk-watch given strong macro/fundamental momentum and bullish technicals.</p>\n<p style=\"text-align: start;\"><strong>3. Gold: </strong>gold faces significant downside risk given major deterioration in technicals from a starting point of extreme overvaluation and consensus bullishness (and fading of past tailwinds).</p>\n<p style=\"text-align: start;\"><strong>4. Agri Commodities:</strong> remain vigilant to upside risk in agri commodities given improving technicals, supportive sentiment, fundamental upsides (valuations, capex, weather, geopolitics).</p>\n<p style=\"text-align: start;\"><strong>5. Monthly TAA Review: </strong>overall continue to favor growth assets (commodities and emerging markets in particular), funding by underweight to cash and gold (whereas bonds look slightly positive medium-term).</p>\n<hr>\n<p style=\"text-align: left;\"><strong>😍 Been eyeing Tiger merch but short on Tiger Coins? Now's your chance.</strong></p>\n<p style=\"text-align: left;\">🎁 We’ve selected 4 high-demand items across practial, lifestyle, and learning, now with a lower redemption threshold!</p>\n<p style=\"text-align: left;\"><strong><a href=\"https://ttm.financial/TW/554651083281352\" title=\"Hot Merch Returns · Up to 43% Off\" target=\"_blank\" class=\"\">Hot Merch Returns · Up to 43% Off</a></strong></p>\n<p><img src=\"https://community-static.tradeup.com/news/be0283b695178d5d32f9e254ddc1d4a1\"></p></body></html>","htmlText":"<html><head></head><body><p>Here's the topics &amp; takeaways from my latest <strong><u>Weekly Macro Themes report</u></strong>: <a data-mention-id=\".SPX\" class=\"teditor-mention\" data-mention-name=\"S&amp;P 500\" href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> <a data-mention-id=\"SPY\" class=\"teditor-mention\" data-mention-name=\"SPDR S&amp;P 500 ETF Trust\" href=\"https://ttm.financial/S/SPY\">$SPDR S&amp;P 500 ETF Trust(SPY)$</a> <a data-mention-id=\"NDX\" class=\"teditor-mention\" data-mention-name=\"NASDAQ 100\" href=\"https://ttm.financial/S/NDX\">$NASDAQ 100(NDX)$</a> <a data-mention-id=\"QQQ\" class=\"teditor-mention\" data-mention-name=\"Invesco QQQ\" href=\"https://ttm.financial/S/QQQ\">$Invesco QQQ(QQQ)$</a> <a data-mention-id=\".DJI\" class=\"teditor-mention\" data-mention-name=\"Dow Jones\" href=\"https://ttm.financial/S/.DJI\">$Dow Jones(.DJI)$</a></p>\n<p style=\"text-align: start;\"><strong>1. Emerging Markets: </strong>remain bullish EM equities given improved technicals, reasonable valuations, favorable macro/fundamentals, and very light positioning despite positive sentiment.</p>\n<p style=\"text-align: start;\"><strong>2. US Tech Stocks: </strong>remain wary on tech stocks given elevated valuations and stretched positioning, but lift risk-watch given strong macro/fundamental momentum and bullish technicals.</p>\n<p style=\"text-align: start;\"><strong>3. Gold: </strong>gold faces significant downside risk given major deterioration in technicals from a starting point of extreme overvaluation and consensus bullishness (and fading of past tailwinds).</p>\n<p style=\"text-align: start;\"><strong>4. Agri Commodities:</strong> remain vigilant to upside risk in agri commodities given improving technicals, supportive sentiment, fundamental upsides (valuations, capex, weather, geopolitics).</p>\n<p style=\"text-align: start;\"><strong>5. Monthly TAA Review: </strong>overall continue to favor growth assets (commodities and emerging markets in particular), funding by underweight to cash and gold (whereas bonds look slightly positive medium-term).</p>\n<hr>\n<p style=\"text-align: left;\"><strong>😍 Been eyeing Tiger merch but short on Tiger Coins? Now's your chance.</strong></p>\n<p style=\"text-align: left;\">🎁 We’ve selected 4 high-demand items across practial, lifestyle, and learning, now with a lower redemption threshold!</p>\n<p style=\"text-align: left;\"><strong><a href=\"https://ttm.financial/TW/554651083281352\" title=\"Hot Merch Returns · Up to 43% Off\" target=\"_blank\" class=\"\">Hot Merch Returns · Up to 43% Off</a></strong></p>\n<p><img src=\"https://community-static.tradeup.com/news/be0283b695178d5d32f9e254ddc1d4a1\"></p></body></html>","text":"Here's the topics & takeaways from my latest Weekly Macro Themes report: $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $Dow Jones(.DJI)$ 1. Emerging Markets: remain bullish EM equities given improved technicals, reasonable valuations, favorable macro/fundamentals, and very light positioning despite positive sentiment. 2. US Tech Stocks: remain wary on tech stocks given elevated valuations and stretched positioning, but lift risk-watch given strong macro/fundamental momentum and bullish technicals. 3. Gold: gold faces significant downside risk given major deterioration in technicals from a starting point of extreme overvaluation and consensus bullishness (and fading of past tailwinds). 4. Agri Commodities: remain vigilant to upside risk in agri commodities given improving technicals, supportive sentiment, fundamental upsides (valuations, capex, weather, geopolitics). 5. Monthly TAA Review: overall continue to favor growth assets (commodities and emerging markets in particular), funding by underweight to cash and gold (whereas bonds look slightly positive medium-term). 😍 Been eyeing Tiger merch but short on Tiger Coins? Now's your chance. 🎁 We’ve selected 4 high-demand items across practial, lifestyle, and learning, now with a lower redemption threshold! Hot Merch Returns · Up to 43% Off","highlighted":1,"essential":1,"paper":2,"likeSize":47,"commentSize":0,"repostSize":4,"favoriteSize":0,"link":"https://ttm.financial/post/561957206299088","repostId":0,"isVote":1,"tweetType":1,"viewCount":637,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["NDX","QQQ",".DJI",".SPX","SPY"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":true,"length":1159,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/561957206299088"}