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

What a resilient market!  Even with evidence of Treasuries starting to selloff again, markets have been able to push higher.  Stocks have been higher over the first six of nine trading days in 2023, led by Communication Services, Discretionary, Materials, and a strong comeback this past week in Technology. 

Evidence of breakouts in Small and micro-caps is certainly encouraging for the intermediate-term case, and breadth has picked up steadily, not just in the short run but also intermediate-term breadth.  However, despite all this bullishness, prices do now lie near the 200-day moving average(m.a.) in SPX, and as seen below, lie directly up against this weekly Ichimoku Cloud resistance. 

Long-term downtrends from last January have not been surpassed, yet there hasn’t been any evidence of markets starting to turn down thus far this week, even following Thursday’s CPI report.  While this doesn’t’ mean it’s not going to happen, it also doesn’t mean one can simply turn sights towards the moon, in absence of more Technology strength and longer-term trend breakouts. 

As of Thursday’s close 1/12, there were 83% of all SPX issues above their 20-day moving average.  That certainly sounds ...

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