From Waverly Advisors:
Equities: US Equities have established a clear range, bounded by 1,176 and 1,200 (S&P Cash). Price action within that range should be considered essentially noise, and it is important to remember that breaks out of this range (to either side) are prone to reversal. Our best signal for near term market direction would come from a short (2-4 day) consolidation against one side of the range. Confirmation for a move out of either side of the range would be a sharp move that holds a pullback outside the confines of the range. Our sector themes are intact, and we continue to see strong relative performance of Consumer Discretionary to Staples stocks, which we believe shows an underlying strength in this market overall.
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