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Trend bullish- Expecting that SPX-4325 might prove temporary stopping point only and pullbacks should be buyable for rally into late June

A few important technical developments occurred over the past week that are worth mentioning:

First, SPX got back over the 4200 level and proved to be a more broad-based rally, as breadth indicators strengthened. 

Second, Equal-weighted S&P 500 broke out above its downtrend from February 2023 which had been lacking thus far on the bounce from March 2023 lows

Third, Russell 2000 broke out to the highest level in more than two months, suggesting that Small-caps might begin to gain ground on Large-Caps.  DeMark weekly Symbolik charts show three different counter-trend exhaustion measures, signaling that Small-caps could strengthen relatively speaking.

Fourth, the broad-based Russell 3000 index along with the Equal-weighted Value Line index (1700 Equal-weighted names) both showed meaningful breakouts last week

Fifth, S&P sentiment among non-commercial traders turned even more negative as Short positioning reached record highs.

Finally, Equal-weighted Technology ETF ($RYT) broke out to the highest levels of the year.

Thus, while many continue to cla...

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