Vermilion Compass: Weekly Equity Strategy
Downgrading Consumer Discretionary to UnderweightWe downgraded our long-term outlook to neutral last week (8/6/24 Compass) after being bullish since early-November 2023. We still believe the S&P 500 is going through a 1- to 4-month consolidation phase, but the many risk-off signals have increased the odds that this consolidation phase could be a topping pattern. It is possible that the low for this multi-month consolidation has already been established within our expected pullback zone of 5100-5191 that we discussed two weeks ago (7/30/24 Compass), though we would not be surprised if the S&P 500 tests its 200-day MA (currently 5038). In terms of upside, the S&P 500 could easily test its YTD highs again or make a marginal new high, though we could also see it roll over at the 5400 or 5585 resistance levels. That would be in-line with prior major SPX topping patterns that occurred in April 2000, August 2007, and February 2022. During each of these periods, the SPX had fallen between 10
Morningstar is a provider of independent investment research in North America, Europe, Australia, and Asia. The company provides a line of products and services for ndividual investors, financial advisors, asset managers, retirement plan providers and sponsors, and private market/venture capital investors. The company's primary products and services include Morningstar Data, Morningstar Data, PitchBook, DBRS Morningstar, Morningstar Investment Management, Morningstar Advisor Workstation, Workplace Solutions, Morningstar.com, Morningstar Office, and Morningstar Indexes.
Value Line is engaged in producing investment periodicals and its underlying research and making available certain of its copyrights, its trademarks and its Proprietary Ranking System results and other proprietary information. The company's investment periodicals and related publications cover a range of investments including stocks, mutual funds, exchange traded funds, options and convertible securities. The company's certain copyright, which include certain proprietary Ranking System results and other proprietary information are made available for use in third party products, such as unit investment trusts, variable annuities, managed accounts and exchange traded funds.
ViaSat is a provider of broadband technologies and services. The company conducts its business through three segments: satellite services, which provides satellite-based broadband services to consumers, enterprises, and mobile broadband customers; commercial networks, which develops and produces a variety of satellite and wireless products, systems and solutions that enable the provision of fixed and mobile broadband services; and government systems, which provides global mobile broadband services to military and government users, and develops and produces network-centric Internet Protocol-based fixed and mobile communications products and solutions.
WideOpenWesta is an integrated provider of high-speed data, cable television, digital telephony services to residential customers and provides a range of products and services to business customers. The company's products are available either as a bundle or as an individual service to residential and business service customers. In the Midwest, the company provides services in Detroit and Lansing, MI; Chicago, IL; Cleveland and Columbus, OH; Evansville, IN and Baltimore, MD. The Southeastern markets include Augusta, Columbus, Newnan and West Point, GA; Charleston, South Carolina; Dothan, Auburn, Huntsville and Montgomery, AL; Knoxville, TN; and Panama City and Pinellas County, FL.
Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.
Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.
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