S&P 500 Daily Perspective for Thu 3 Aug 2023

Material weakness today may signal a turn in the market

***ANNOUNCEMENT***

As per the August 2023 announcements, starting with the S&P 500 Daily Perspective for 1 August 2023 the GDR Model has been upgraded. Today’s position follows the upgraded version of the GDR Model.

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GDR Model Performance

The GDR Model returned 3.11% in July, falling just short of the S&P 500 Total Return’s 3.21%. This year has been challenging for the GDR Model’s style due to low confidence in the market at the start of the year.

GDR Model Outlook

The GDR Model picked up on considerable weakness today. It remains to be seen whether it will be sustained.

GDR Model Position

The GDR Model is long. Based on recent weakness, the model has scaled back its position. Should the market regain its strength the model will likely add back risk.

S&P 500 Futures Market Profile Chart