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

Key Takeaways

  • Last Friday’s break of SPX 4450 turned trends back to negative in the short run, and while bounces look possible in the days ahead to over 4500, more strength over 4590 is going to be necessary before thinking US Equity markets are “out of the woods”
  • Gold, silver have advanced back up to areas of likely resistance given geopolitical tension
  • Equity Put/call ratio has now risen >1, a level often coinciding with Equity index Lows

The pullback took a turn for the worse last Friday with the break of 4450, representing both 2/22 lows along with 1/26 highs.  Thus, this break did result in some deterioration that followed through into Monday’s session.  Overall, February is proving challenging, and many sectors have not snapped back sufficiently to give conviction that a move back to new highs can occur.  Near-term, I’m expecting a snapback rally which should get back up above 4500.  However, until 4590 can be recouped, one can’t rule out additional weakness which might challenge if not break back below 4300 briefly in late February.   Bottom line, I expect that January 2022 lows should hold on further weakness, the broader momentum and breadth of US Stock indices rema...

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