– Important Positioning Update –

U.S. equities have returned to a state of limbo, after staging a remarkable recovery from their April panic lows.

Stocks pause at the scene of the tariff crime while they are waiting for development on tariff-related deals and, more importantly, their impact on the world economy.

Meanwhile, the Meta Strategy’s technical stop loss warning signal triggered with the confirmation of a long-term downtrend for the S&P 500, as its 60-day moving average crosses below its 275-day moving average.

This tells us to exit all remaining stock positions immediately and wait for confirmation that the economy and the stock market will not continue to deteriorate further.