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The video in this report is only accessible to members

Wednesday’s roller-coaster ride post CPI report failed to answer many questions on the near-term direction for US stock indices, and movement lower under the ongoing uptrend line will be necessary towards suggesting any sort of larger pullback is getting underway.

For market bears, this requires a decline under SPX 3940, while market bulls require a firm breakout back over SPX 4200.

Interestingly enough, despite the churning happening recently in major indices like SPX and NASDAQ Composite, breadth has been improving, given the strength which has occurred in Industrials, Materials, Energy and Healthcare of late.

Specifically, SPX has been largely flat over the last week with returns of +0.04%.  However, Equal-weighted Industrials, Financials, Energy, Materials and Real Estate have been higher by +0.90% or greater

This SPX underperformance largely stems from declines in $CZR, $AAL, $MTCH, $DISH, $BLL, $TSLA which have lost more than 6%.  Moreover, key Technology names like $KLAC, $AMAT, $ADI, $ADBE, $QRVO, and $AMD have all lost more than 3%.

As discussed last night, Technology arguably has not shown sufficient deterioration to avoid this sector, and until there is evidence of Tech breaking multi-month uptrends v...

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