QVMM - Rotation
2024-03-15 20:05:00 ET
Summary
- Investors have been waiting for a broadening out of the rally for even longer than they’ve been pricing in (and then pricing out) rate cuts.
- The S&P 500 closed at overbought levels for 40 straight days through the close on 3/14.
- We would note that in the period ending on August 1st of last year, the S&P 500 closed at overbought levels for 45 straight days in what was the ‘summer of overbought’.
Investors have been waiting for a broadening out of the rally for even longer than they’ve been pricing in (and then pricing out) rate cuts, but while breadth may still be relatively narrow, there has been a good deal of rotation recently....
Rotation