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US equity markets continue to show signs of resilience following MSFT’s sharp rebound from early losses following its warning of a further slowdown in Sales and weaker outlook for its cloud business. 

SPX managed to completely regain early losses to close flat on the session, rallying over 60 SPX points to finish right at the highs of the session.  As can be seen below this area at 4016-9 has contained prices in recent days.

At current levels, prices are very close to a larger breakout in SPX along with NASDAQ, which already occurred on an equal-weighted basis on Value Line’s Arithmetic index about two weeks ago.

An SPX breakout seems imminent, and very well could happen this week which would gel with the bullish cycle composite view along with bolstering the view that 1st quarter 2023 could likely be a lot stronger than what many expect.

Overall, movement above 4039 would drive SPX up to 4100, and the ability to eclipse these December 2022 peaks (4100) would certainly reinforce the bullish view.

As discussed in my Annual Technical Outlook yesterday, momentum and breadth have begun to improve materially at a time when Technology has begun to show evidence of clawing back.  This is important and positive duri...

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