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SPX and QQQ look to have begun minor pullbacks with Wednesday’s decline, which happened during a significant week of FOMC meeting, “Magnificent 7” earnings as well as cycle confluence.  However, technically I expect a US Equity pullback to prove short-lived at this time before suggest prices pull instead back to new highs.   Defensive strength has been apparent for the last week, and Healthcare ETF $XLV nearly made a new monthly all-time high close as January came to a close.   Minor weakness in Technology and Industrials should be buyable, while Industrials and Healthcare play “catch-up”.  US Dollar and Treasury yields have shown some minor decoupling from SPX in recent weeks, but expect that both should turn back higher into February/March, which will be important to monitor in terms of duration and velocity. Overall, Equities should be entering a choppy period in February, which tends to be seasonally a worse month than Januarys during Election years.  However, as discussed prior, SPX requires a close back under 1/12/24 peaks arguably to have even short-term concern. (SPX-4802.40).  Upside resistance could materialize in the short run at 4937-4995.

Overall, I suspec...

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