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I continue to see the US stock market as being attractive, technically speaking, and do not feel sufficient risk is there to warrant a selloff at this time. While price action has been a bit more subdued in recent weeks following momentum gauges having gotten overbought, there remain precious little other evidence with regards to frothy speculation to excessive valuation measures that would warrant a major selloff.  Rallies up to SPX-5350-5400 are definitely possible into mid-April before a consolidation gets underway. Both Treasury yields and US Dollar should be starting to roll over.


A rather lackluster day of trading from a net point gain/loss perspective, but despite fractional losses of -0.31% for SPX, only Industrials and Consumer Discretionary fell more than -0.50%.  Technology’s loss in Hardware and Software were offset by bullish gains in Semiconductor stocks, which helped to dampen the loss in this group.

Meanwhile, Energy proved to be the best performing of any of the major sectors on Monday, and this group continues to show excellent strength and should remain a Technical Overweight.

Looking at S&P Futures on this daily chart below, support lies near SPX-5200 while resistance very wel...

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