Fairlead Strategies Market Analysis

Fairlead Strategies noted the strength of the S&P 500 index, primarily driven by megacap stocks. Despite this, the firm observed a partial retraction in S&P futures this morning.

Near-Term Market Outlook

Fairlead maintains a neutral near-term outlook, citing a loss of short-term upside momentum. However, intermediate-term indicators still suggest a potentially strong finish for 2024.

S&P 500 Equal Weight ETF

The analysis highlighted the S&P 500 Equal Weight ETF, which is nearing its 50-day moving average at approximately $182. The ETF is approaching short-term oversold conditions, affecting most sectors and over 40% of S&P 500 stocks.

This trend indicates that average stocks may stabilize in the coming days, potentially setting the stage for another upward move as the year progresses.

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