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Trend still bullish- Expecting upcoming push back above SPX-4200 -Any break of 4104 would turn trend short-term bearish

Technology yet again has begun to dominate market performance and has begun to camouflage some of the weakness being seen in other sectors.

While NVDA results resulted in strong upside performance for Semiconductor stocks, market breadth finished at more than 2/1 negative, with Healthcare, Energy, and Utilities finishing down more than 1% on the day.

However, this Tech surge is not only not being followed by other sectors:  Rather, sectors like Energy, Utilities, Consumer Discretionary, Financials and Materials have begun to show meaningful signs of weakness that, if not reversed in the next couple weeks, will likely coincide with a drawdown not dissimilar from March.

Technology has been able to rise, regardless of Treasury yields also pressing higher.  Over the last year it was widely thought that Yields pressing higher would be a negative influence on Technology, and vice-versa.

As mentioned yesterday, the price action in SPX failed to break down sufficiently enough after weak back-to-back days on Tuesday/Wednesday to cause any material support violation.

Overall, one still...

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