Key Takeaways

  • Tuesday’s churning doesn’t take away from the existing bounce in US Equities, which should have additional upside into early June before any settling.
  • Treasury yields look to be turning back higher and a push to new monthly highs is likely.
  • Bitcoin looks to be starting a bottoming process and longs recommended.  
The video in this report is only accessible to members
The video in this report is only accessible to members

The minor pullback to kick off this holiday-shortened week hasn’t done much technical damage to suggest our bounce off the 5/20 lows has run its course.  Rather, this move is ongoing and looks to be taking the path of the first meaningful five-wave rally off the lows since this decline began a few months ago.  What’s important is that any decline hold 3982 on pullbacks, which lies around 4% below current levels.  Furthermore, a push back to weekly highs should occur, which would take SPX up to near 4285-4321 on this first move off the lows.  Seeing QQQ get back above 318 would be reason for further optimism, and it’s seen as important that Large-Cap Technology starts to take the lead to help QQQ outperform on a meaningful move off the lows.

The video in this report is only accessible to members

Technical reasons for optimism on US equities

SPX, QQQ, DJIA all closed well up off the lows for the month of May, w...

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