China markets are breaking out while US is hesitating
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China markets are breaking out while US is hesitating. We continue to see retreat under the hood for US market as we run into Aug 1st. Valuation and momentum factor outperformance are both at upper end of the year. China market on the other hand is just breaking out relative to US and may serve as a better alternative of risk assets while waiting for US pullback.
SPX consolidation
NASDAQ 100 consolidation
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