📝Tactically Reduce U.S. Equity Longs: UBS Strategy

While equity pullbacks remain a buying opportunity, I would reduce longs at this point to be able to add later. I would reduce S&P longs by 1/3 at 5,900 and I would reduce Nasdaq longs by 1/3 at 21,365. I appreciate the Nasdaq target is 3.25% higher than the one for S&P, but Nasdaq is a less mature phase in the trend than S&P. Meanwhile, wait for a daily VIX close beneath 14.65 before buying VIX upside. This approach is simply a money management consideration to give you dry powder to add to structural longs into a pullback. My broader target for the S&P remains 6,118 and 6,685 is a reasonable target before the end of 2026. - UBS Strategy