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

Equity markets have enjoyed a bit more bounce than expected into Thursday’s CPI report, but if the downward bias of cycles into late January along with the formation of intra-day exhaustion into Wednesday’s close for SPX, QQQ are any guide, Thursday might be a turning point for weakness into the back half of January.  Treasury yields look to have bottomed, and the rally in many sub-industry groups like Retail, Autos, Casinos looks to be nearing resistance to sell.  The question is whether this recent bounce represents the start of a meaningful rally, and whether it should be trusted or not.  The honest answer, technically speaking, is that it remains difficult to say that with any confidence, but I expect that January should bring some clarity to this question in the days ahead.  At present, prices look to have just exceeded the 50% retracement zone of the late December range, and I expect that 3975 should prove important for SPX and 278 for QQQ.

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Small Caps seem to be nearing resistance of their own

This new year has brought about a nice bump in Small-caps which many feel should kick off a period of outperformance given their widely known discount to Large-caps approaching the biggest in ...

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