A Bull Market in Mixed Messaging

Mixed messaging on the tariffs file continues

Highlights

• Mixed messaging on the tariffs file continues

• Yesterday’s equity market action was tepid outside of the oversold Nasdaq

• U.S. debt downgrade risks mount

• We have made a few changes to the “Rosie Fund”

Key Takeaways

• Nasdaq Tests 200-Day Resistance: Yesterday’s market action was tepid outside the once deeply oversold Nasdaq Composite, which managed to close near its session high for the third straight trading day — and now confronting a key technical resistance point at the 200-day moving average. Buying power was limited in the rest of the stock market, though the S&P 500 did make a bullish move above its 200-day line on Monday — as well as closing above its January low of 5,773, which has the bulls excited.