Markets "want to be higher," says Nathan Peterson with Charles Schwab, seen in S&P 500 (SPX) resilience despite higher crude oil prices and geopolitical uncertainty. However, any pullback from key technical metrics in the index will signal deeper selling action. Nate then turns the pages of the "recession playbook" and offers insight into how investors can brace for a more significant economic pullback. Two sectors Nate has his eyes on: tech and utilities.

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