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

Bottom line, the $SPX bounce needs to surpass 4019 to have real confidence in this move extending. While I’ve expected a rally from 3920-5, there remain two possible areas of concern to this thesis: First, Utilities have staged a minor breakout and are likely to push back to all-time highs.   Second, the DeMark count on Treasury yields actually requires another few days of strength before completion. (Thus, while yields are close to peaking, there needs to be a bit more upside). Any turn back higher in $TNX above 3.36% likely would reach 3.50-3.55, and this very well could result in another minor decline in $SPX before its much anticipated bottom.  At present the key area of interest is last Friday’s intra-day highs of $SPX 4019.  Any advance over this level signals a rally is underway into mid-month.   Until that time, it pays to keep a close eye on this bounce and to watch Yields carefully given recent correlation trends.

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Precious Metals likely to show some luster

Gold and Silver finally look to be at an area where an oversold bounce can occur.  Rallies into Year-end look possible, but are likely to prove tactical only, and not the start of a push back to annual highs.

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