Pre-election yr. Februaries are far more resilient than normal

The near-term pattern continues to show choppiness, and SPX has not broken out, nor broken down in a meaningful way that would suggest any sort of clarity in near-term direction.  If anything, this sideways action in Equity indices in the wake of Treasury yields pressing higher over the last six of eight trading days seems pretty resilient, to say the least.

While short-term breadth gauges have softened a bit over the last week with the Equity stall...

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