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

The near-term could prove choppy for US Equities heading into this week’s FOMC meeting.  While there was some definite evidence late last week of $SPX, $QQQ stalling out as Technology reached short-term resistance, one can’t rule out a challenge of last Friday’s highs which might allow for a push to 4025-50.  This would fit with intraday wave counts, but ultimately prove to be sellable for traders over the next few days on strength.  Overall, we’ve seen some definite evidence of near-term strengthening in many of the Defensive groups like Staples and Utilities lately, and this might continue on a 1-2 week basis, but do not expect this to prove ultimately all that meaningful.  It’s anticipated that markets likely have more downside than upside on a 1-2 week basis with 3938 and 3900 being key support, while 4012, then 4025 are key resistance.

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Growth pullback into August should prove temporary and buyable given recent progress vs. Value   

Recent Technology weakness notwithstanding, we’ve seen some very good movement out of Growth since it bottomed vs Value back in May, over two months ago.

Ratios of the IShares S&P Growth ETF ($IVW - Growth) relative to IShares S&P Value ETF ($...

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