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The video in this report is only accessible to members

Despite Friday’s drawdown, US Equity indices are higher on the week with the NASDAQ 100 having enjoyed the best week of the year.  Stocks like $AAPL broke out to new 2023 highs, while other important highly weighted $SPX and $QQQ constituents like $MSFT and $META hit new multi-month highs.

While sectors like Financials and Energy have sold off sharply in recent weeks, both of these groups are nearing attractive support and are thought to likely stabilize and bounce post FOMC next week.  Healthcare also has been starting to show some minor strength after recent weakness, and this group looks attractive.

Interestingly enough, there continues to be a very vocal debate on earnings revisions and valuation and the markets reluctance to sell off down to levels that would satisfy many of these Fundamental “bears.”

Sentiment has grown quite negative in the short run as was discussed yesterday.  This is a key part towards thinking that back-month seasonality for March could mirror its normal pre-election year seasonality at a time when many remain negative, but Technology is working very well.

Near-term price action remains constructive given Thursday’s advance above SPX-3928, and the fact that Friday’s decline has not...

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