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The video in this report is only accessible to members

The rally which started Monday likely should carry SPX back to 5400.  A five-wave advance higher represented the first real positive structural effort off the lows, and both US Dollar and Treasury yields look close to turning back lower.  GOOGL, NVDA and MSFT’s gains look impressive technically and can lead this rally despite some strength lacking out of Financials and Industrials this week.  Overall, I expect that gains to SPX-5212 are underway, then ultimately 5400.

The gains in GOOGL and MSFT were important in helping both SPX and QQQ lift above this past Wednesday’s peaks during Friday’s trading session.  This is a bullish development and should serve as a technical catalyst to keep this rally going up to SPX-5212 and then 5400. Despite some weakness out of Industrials (which has lagged this week given underperformance in $CAT, $TXT and some of the Airlines) SPX and QQQ look to be positioned to rally back to test and exceed the peaks from late March.

At present, there is some slight weakness in Industrials and Financials which will need to be resolved to have some confidence in this rally continuing to 5400.  I think that’s likely but for now, it’s largely just a Technology do...

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