Space Stocks Test Critical Support as Macro Risks Build

Here’s the topics & takeaways from my latest report —it should give a good sense of what I tend to cover in the Topdown Pro service as well as providing some high-level insights into how I am currently seeing Macro & Markets:

1. Global Growth: the global growth reacceleration theme remains on-track, but there are increasing signs that the global economy may lose momentum into 2027.

2. Inflation Risk: despite an initial peak in some series, upside inflation risk remains a reality given elevated inflation expectations, tight capacity, improved growth, and geopolitics/oil price impacts.

3. GSV vs ULG: relative value extremes favor Global/Small/Value vs US/Large/Growth, but on all three counts a turning point in relative performance remains elusive (still only stop-start progress).

4. Seasonality: the July-October period (on average) has a historical tendency for risk assets to see seasonal setbacks and defensive assets a seasonal surge.

5. Space Stocks: [initial look; establishing coverage] the equal-weighted space stock index is testing a key technical support-level following a major (-55%) correction. $SpaceX(SPCX)$

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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Global Growth: </strong>the global growth reacceleration theme remains on-track, but there are increasing signs that the global economy may lose momentum into 2027.</p>\n<p style=\"text-align: start;\"><strong>2. Inflation Risk:</strong> despite an initial peak in some series, upside inflation risk remains a reality given elevated inflation expectations, tight capacity, improved growth, and geopolitics/oil price impacts.</p>\n<p style=\"text-align: start;\"><strong>3. GSV vs ULG:</strong> relative value extremes favor Global/Small/Value vs US/Large/Growth, but on all three counts a turning point in relative performance remains elusive (still only stop-start progress).</p>\n<p style=\"text-align: start;\"><strong>4. Seasonality:</strong> the July-October period (on average) has a historical tendency for risk assets to see seasonal setbacks and defensive assets a seasonal surge.</p>\n<p style=\"text-align: start;\"><strong>5. Space Stocks: </strong><em>[initial look; establishing coverage]</em> the equal-weighted space stock index is testing a key technical support-level following a major (-55%) correction. <a data-mention-id=\"SPCX\" class=\"teditor-mention\" data-mention-name=\"SpaceX\" href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a></p></body></html>","htmlText":"<html><head></head><body><p style=\"text-align: start;\">Here’s the topics &amp; takeaways from my latest <u>report</u> —it should give a good sense of what I tend to cover in the Topdown Pro service as well as providing some high-level insights into<strong> how I am currently seeing Macro &amp; Markets</strong>:</p>\n<p style=\"text-align: start;\"><strong>1. Global Growth: </strong>the global growth reacceleration theme remains on-track, but there are increasing signs that the global economy may lose momentum into 2027.</p>\n<p style=\"text-align: start;\"><strong>2. Inflation Risk:</strong> despite an initial peak in some series, upside inflation risk remains a reality given elevated inflation expectations, tight capacity, improved growth, and geopolitics/oil price impacts.</p>\n<p style=\"text-align: start;\"><strong>3. GSV vs ULG:</strong> relative value extremes favor Global/Small/Value vs US/Large/Growth, but on all three counts a turning point in relative performance remains elusive (still only stop-start progress).</p>\n<p style=\"text-align: start;\"><strong>4. Seasonality:</strong> the July-October period (on average) has a historical tendency for risk assets to see seasonal setbacks and defensive assets a seasonal surge.</p>\n<p style=\"text-align: start;\"><strong>5. Space Stocks: </strong><em>[initial look; establishing coverage]</em> the equal-weighted space stock index is testing a key technical support-level following a major (-55%) correction. <a data-mention-id=\"SPCX\" class=\"teditor-mention\" data-mention-name=\"SpaceX\" href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a></p></body></html>","text":"Here’s the topics & takeaways from my latest report —it should give a good sense of what I tend to cover in the Topdown Pro service as well as providing some high-level insights into how I am currently seeing Macro & Markets: 1. Global Growth: the global growth reacceleration theme remains on-track, but there are increasing signs that the global economy may lose momentum into 2027. 2. Inflation Risk: despite an initial peak in some series, upside inflation risk remains a reality given elevated inflation expectations, tight capacity, improved growth, and geopolitics/oil price impacts. 3. GSV vs ULG: relative value extremes favor Global/Small/Value vs US/Large/Growth, but on all three counts a turning point in relative performance remains elusive (still only stop-start progress). 4. Seasonality: the July-October period (on average) has a historical tendency for risk assets to see seasonal setbacks and defensive assets a seasonal surge. 5. 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