Shift Now to Defensives Snap-back rallies have continued in the largest global equity markets (U.S., Japan, and Europe). With that said, Japan's TOPIX is still below 2690-2700 and the EURO STOXX 50 is below 4884, and whether they roll over here or from marginally higher levels, we continue to believe lower highs remain likely in both Japan and Europe. The S&P 500 is testing its YTD highs, something we have been looking for since our August 13, 2024 Compass, and we still believe it could make a ...
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