The video in this report is only accessible to members
The video in this report is only accessible to members

Note: This Upticks report will be in replace of my Daily Technical Strategy piece today (2/22/2023).

Update

US Equity markets continue to be caught in a tug-of-war between bulls and bears, with market participants largely still confused as to why economic data and earnings are not having as strong of a pull on market prices as many might expect. The bears continue to wrestling with downward earnings revisions and the ongoing uncertainty of the FOMC’s endgame for interest rate hikes.  Meanwhile the Bulls seem to champion a quicker pullback in inflation and a more resilient economy which might be able to withstand further rate hikes and usher in growth in the months to come.

Technically speaking of course, most of the data continues to support a more enthusiastic stance for risk assets, largely centered on recent momentum and breadth expansion, coupled with bearish sentiment and bullish market cycles for US Equities.  Sectors like Technology have staged a sharp rebound, and key index constituents like MSFT, GOOGL and AAPL have all exceeded their respective downtrends. As of early February, the percentage of SPX issues above their respective 200-day moving averages had surpassed 70%, the highest level in more than a yea...

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