our near-term work on price pattern and momentum suggested strongly that an important near-term low has been established and the S&P is in a early stage of a short-term oversold bounce. However, given the looming resistance near the upper boundary of the green band, around 4300 on the S&P, there is no big commitment to accumulate stocks aggressively at this point. As for strategy, we’d look to increase upside exposure on pullbacks rather than chasing breakouts
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