MSCI $ACWI Testing Base Support ($158-$159 and $156.50); Focusing on Non-A.I. Areas. Actionable Themes: Energy, Marine Shipping, Services, Health Care, Software, Telecomm, and Utilities skr.ma/reDUU

Wall of Worry Grows Taller; 7580 on $SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM, PBR, REPYY, EC, YPF, UGP, GPRK, GTE, COP, EOG, OXY, FANG, DVN, APA, PR, MGY, CRC, CRGY, GEO, and CXW skr.ma/wfUy4

Focus Remains on Non-A.I. Areas; Europe Remains Attractive; Actionable Themes: Energy, Gold Miners, Consumer Staples, Services, and Financials skr.ma/RqVOz

Upgrading Communications (XLC) to Market Weight; A.I. Names to Remain Under Pressure (SOXX, DRAM, CHAT, EUV) likely through mid-to-late-August amid ongoing choppy conditions skr.ma/Fenuz

Technology is Still in Charge Longer-Term, But Rotation Trade Has Legs. We believe the "rotation trade" that we have been recommending since May 29 can continue to work skr.ma/jVNnF

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. Charts Highlighted: XLF, XLU, HOOD, DAVE, SEZL, AFRM, UPST, SEZL, GEV skr.ma/IAhsd

U.S. Dollar Breakout; Watching SK Hynix (000660-KR) and Micron (MU-US); Should You Be Concerned About Technology? No.; Bullish Outlook Intact. Buys in Financials, Health Care, and Industrials skr.ma/FfC4G

Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight; Bullish Outlook Intact. Charts Highlighted: $FSLR, $NXT, $ENLT, $ENPH, $SEDG, $TE, $CSIQ, $PRLB, $SSYS, $VELO, $DDD, $MTLS, $OUST, $AEVA, $XMTR, and $PDYN

$RSP $QQEW and Dow Breaking Out; Downgrading Energy $XLE to Market Weight. Selling Crude Oil $USO (long since 4Q2025) and Gasoline $UGA (long since Feb). FUD surrounding oil, yields, and the DXY proving to be unwarranted, as discussed weekly since May 5th

Concerns Persist; $SPX Testing Resistance at 21-day EMA and Near 200-day MA; Bearish Outlook Intact. Actionable ideas within Staples $XLP and Materials $XLB $AA $RIO $CENX $KALU $DOW $HUN skr.ma/C9dJy

Upgrading Norway to Overweight; Stay Defensive. Buys in global Utilities, Energy, and Materials. $ACWI support at $134 holding for now, but still concerned it will break. $GDX $AEM $WPM $AGI $IAG $RWEOY $TS $VIST $SHEL $TTE $BP $EQNR skr.ma/JHfxd

Downgrading Outlook to Bearish; Stay Defensive; Latest $SPX Rally Likely to Roll Over Here at 6480-6520 or 200-day MA resistance following oversold bounce. $NQ 24,000 level is crucial resistance. $ADM $BG $SEB $WLK $VLO $PSX $LYB skr.ma/wJHEm

Thursday's International Compass: Stay Defensive. Actionable Global Sectors: Energy, Materials, Transportation, Communications, Utilities, and Consumer Staples. Crucial $ACWI support at $134-$135.70. $VIST $TTE $WDS $IMO $SU $CVE $CNQ $PBR $MEOH $FTS skr.ma/ww7TA

Significant Downside Risk if 6480 Breaks on $SPX. 10-Year Treasury yield breakout above 4.30%. MOVE index surges to 11-month highs. $LAUR $PRDO $UTI $STRA $VLO $PSX $MPC $DINO $MUSA $PBF $CVI skr.ma/HUa19

Significant Downside Air Pocket Risk; Downgrading Transportation $IYT $XTN to Market Weight; Crucial supports/downside triggers: $245 on $IWM, the 200-day MA & 6480-6520 on $SPX, 24,000 on NDX (NQ). $GPRE $AA $EZPW $FCFS $HWM skr.ma/5HF6h

Local Low in Place $SPX; Russell 2000 $IWM Holds at $245; Semiconductors $SMH Hold at $365-$375; Cannot be too Bearish if these supports hold. Breakout above SPX 7000 Still Seems Unlikely. Chop Continues. $NTR $CF $SQM $IPI $GPRE $ANDE $SMH $INTC skr.ma/hcYmz

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on $ACWI Holding for Now; Discussed to trim exposure to Korea $EWY and Taiwan $EWT in Feb 26 Int'l Compass report, now adding back, especially in Taiwan $ERIC $FTS $ORANY skr.ma/1mo8k

Shifting to Neutral Near-Term as Chop Continues; Market Dynamics Deteriorating: HY Spreads, MOVE index, DXY, Commodities All Rising $DJP $USO $UGA. 6780-6824 Remains $SPX Support. $MCK $COR $CAH $WM $RSG $CLH $ACGL $RGA $RNR $MP $ALM $PPTA $UAMY skr.ma/Wh3zc

Can Strength Continue for Korea $EWY, Taiwan $EWT, and EM $EEM?; Remain Overweight But Be Prepared for Volatility. Bulk of new buy ideas continue to be within commodity Sectors and defensives. $TS $AEM $WPM $FNV $AGI $AG $SCCO $HBM $ALM $DNN skr.ma/u3ENt

Defensives Still Leading; Deeper Pullback Coming?; Downgrading Financials $XLF and Discretionary $XLY $XRT to Underweight. Crucial support levels include 6780-6824 on $SPX and $255-$257 on $IWM skr.ma/tsfqX