Last Friday, we highlighted that the move higher out of the trading range had surpassed our S&P 500 (SPX) short-term target of 3,150 and was likely to consolidate with profit-taking in areas that led the breakout. The move out of the trading range was clearly driven by an economic “risk-on” trade with US Treasury yields rising, corporate credit rallying, the US dollar and gold pulling back, and the economically sensitive sectors leading.
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