The bear market rally in S&P 500 stopped at the 200dma, which is the key technical resistance. Fundamentally, there is still not enough evidence to expect the recessionary selloff or the next leg lower. We need to see the weakening labor market and the inversion of the 10Y-3mo curve, before positioning for more downside in stocks. However, the liquidity is still low and high volatility in both directions is expected. Here is the full report with the tactical S&P500 strategies.