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The video in this report is only accessible to members
The persistent melt-up for US Equities has been far more resilient than I expected to end the week, showing little to no evidence of turning lower.  Prices have escalated over 17% in eight weeks’ time amidst a sea of ongoing pessimism.  This has proven to be truly an amazing rally, fueled by Technology, Consumer Discretionary, and increasingly better performance out of Industrials and Financials. In the short run, prices have pushed above my SPX-4250 threshold, making me unwilling to continue to try to fade prices. While minor selloffs look possible and even likely in the near-term, I no longer feel SPX needs to get to decline to 3900 right away and selling pressure probably proves muted and just reaches 4100-50 before turning back up to 4350-60 into late August/early September.  In the bigger scheme of things, prices are nearing a 61.8% Fibonacci price retracement level while nearing a 38.2% Fibonacci time retracement, which should prove to be very strong into next week.  Moreover, Elliott wave structure from July looks nearly complete.  However, until this trend from July starts to give way, there’s not much value in trying to fade this rally, despite what appears to be minimal upside to the tune of 1.8% higher...

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