The video in this report is only accessible to members
The video in this report is only accessible to members

Key Takeaways

  • Monday’s large-cap Technology weakness largely camouflaged the extent that technology was down, with XLK’s -0.66% far worse than Equal-weighted RYT’s -0.20% 
  • Ethereum’s two-week outperformance vs Bitcoin nearing its first real test
  • Commodities defying gravity, but uptrend showing no signs of peeking out 


While the market has been rather lackluster near-term, no real technical damage has taken place during the last few days stalling out.   SPX patterns remain positive in the short run, and gains to challenge and exceed February’s early highs look likely which should carry SPX up above 4620 before any real congestion ensues.  This wave structure currently looks to resemble a fourth wave move off the late January lows, which should allow for rallies.  Yet, February as a whole can’t be simply chalked up as being a straight shot higher for the Bulls.  Any rally between Tuesday and Thursday of this week which carries above 4620 would likely result in consolidation before further gains.  Bottom line, trends are short-term positive and it’s right to expect upside near-term.  Energy and Financials remain key sectors to favor and Technology more selectively.

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Technolo...

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