Equal-weighted SPX vs. SPX reaches lowest levels since 2020

US Equity indices and Treasury yields remain quite choppy, but the weakness coinciding with Yields pushing up still looks to extend this week which is one of the more seasonally bearish weeks of the Fall.   Trends and momentum arguably are short-term negative.  Only on a TNX break under 4.05% would it be right to trust an Equity bounce in September, in my view

This week has historically proven to be one of the worst of the year seasonally speaking and Treasury yields remain trading at/near highs for 2023.  While this week’s FOMC meeting, or BOJ could serve to be important catalysts for risk assets,  there hasn’t been sufficient strength in Equities nor Treasuries to weigh in technically that a push back to SPX 4600 is imminent.

While Technology held up fairly well relative to the broader market on Monday, other sectors like Materials, Healthcare, REITS, Consumer Staples, and Consumer Discretionary all fell to multi-day lows. 

checkout-thomas-lee image
checkout-logo image

Become a Member To Access Fundstrat Research

Fundstrat Direct gives individual investors access to Tom Lee's research, previously only available to banks and hedge funds.

Monthly

$199/mo

First Month Free

Join Now

Annual

-15% $2,028/yr

List Price $2,388

Savings: $360/yr

Join Now

Why Join Fundstrat Direct?

Fundstrat Direct helps you invest confidently with the same research banks and hedge funds use to navigate the market.

Daily Strategy Icon

Daily Strategy from Tom Lee & Team

Stay ahead of consensus with daily updates on key developments & catalysts and opportunities ahead.

Real-Time Market Alerts Icon

Real-Time Market Alerts

Analysis on market-moving events and actionable opportunities delivered instantly from us to you.

Curated Stock Lists Icon

Curated Stock Lists

Choose the portfolio that best suits your investment style, preferred asset class, and time horizon.

Monthly Market Update & Top Ideas Webinar Icon

Monthly Market Update & Top Ideas Webinar

Attend engaging webinars with Tom & team featuring our top ideas and near-term market outlook.

Daily Technical Strategy Icon

Daily Technical Strategy

Receive tactical opportunities, actionable signals, and fundamental analysis from our proven research team.

Live Analysis on Your Holdings Icon

Live Analysis on Your Holdings

A monthly webinar featuring live analysis on member-submitted stocks and questions.

Disclosures (show)

Events

Trending tickers in our research