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Key Takeaways

  • Despite Friday’s gains, the short-term trend in Equities still shows lots of consolidation ahead of next week’s FOMC.  It will take a rally above 4744 to get the Bull back on track, while under 4612 will bring selling pressure down to at least 4450 into 12/24
  • Technology along with Healthcare, Industrials, Financials all look to churning near meaningful resistance and might be difficult to expect follow-through ahead of FOMC
  • Sentiment showing the largest spread of Neutral readings in about two years

Despite Friday’s AAPL inspired rally, most indices and sectors still have lots of work to do.    S&P and Nasdaq remain up near November highs, while Value Line has found resistance near the area of its 11/29 Gap, which was filled before Thursday’s reversal.   Overall, this week has produced the best week of gains since February, but yet charts on many sectors don’t look nearly as bullish as this statistic might imply.   Friday’s hottest CPI print since 1982 on Friday failed to lift indices up above materially in a way to think a seasonal rally back to highs had begun.  Key will be 4744 on the upside, while 4665 and 4612 are meaningful areas of support for...

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