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

Wednesday’s push higher looked positive for thinking Q1 can finish out the quarter on a positive note.  S&P and QQQ both rallied to levels not seen since early March.  463 names within SPX rallied on Wednesday out of 500, constituting a “90% Up Day”

Technology outperformed again, while Financials showed a welcome bounce, but 1% gains out of equal-weighted Industrials and Materials were also welcome to see.

QQQ broke out to the highest daily close since last August, though needs to exceed 315.25 to officially surpass intra-day peaks.  Movement over 315.25 likely leads to 326 into April.

Base metals have picked up steam and both Aluminum and Nickel have risen to new multi-week highs, which bodes well for these to join precious metals in continuing higher.  Copper, meanwhile, is very close to its own breakout. 

Overall, Wednesday’s rally looked quite constructive from both a price action, participation/breadth standpoint.  The minor concern is the ongoing ramp-up in Defensive sectors. However, Tech and Financials rallying together has been rare of late. It seems like a more bullish force for why stock indices can continue to grind higher in the short run.

Upside targets for SPX into early...

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