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SPX, DJIA and NASDAQ remain largely range-bound near-term as part of their uptrend from 3/13.  This sideways “grind” in prices isn’t necessarily bearish; However, a move back above QQQ-314 and SPX 4040 will be necessary to help jump-start the next leg of the rally.

While the rally seemed broad-based, with all sectors positive on the day and Energy, Materials and Financials all higher by more than 1%, there were continued fears about a potential slowdown in Technology given its recent underperformance in the past week.

As $QQQ charts show below, this stalling out certainly does not represent much in the way of a negative technical formation.  Momentum indicators are positive and not overbought.  At present, QQQ is more bullish than either SPX or DJIA.

Any move back over QQQ-314 would likely lead prices up to $335.  Downside support lies at $302 and until/unless this area is breached, trends and momentum for QQQ remain positive.

Energy and Healthcare have both shown impressive stabilization and outperformance lately, which looks important and bullish.  Financials to their credit, have engineered a sharp two-day bounce, which makes this sector a bit more positive towards thinking more gains might be in...

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