*Please note, there will be no daily technical strategy next week. Next note will be 6/5/23

The video in this report is only accessible to members

The video in this report is only accessible to members

Trend still bullish, SPX is expected to push up to 4235-4275, before consolidation sets in; Under 4048 required to turn trend bearish

It was the best of times, it was the worst of times”  Charles Dickens opening to “A Tale of Two Cities” is appropriate for this market.  In this case, “ A Tale of Two markets” is more apropos.

Technology has roared back so sharply in the last few weeks that it’s outperforming all other sectors on a one-week, one-month, three-month and Year-to-Date (YTD) basis.

Perhaps, surprisingly, Technology is the only Equal-weighted major sector that’s positive in the last month.   Invesco’s $RYT is higher by 6.17% in the rolling 30-day period.  Meanwhile, four equal-weighted sectors are lower by 4% or greater in the same 30-day stretch:  Utilities, Energy, Healthcare, and Materials.

Equal-weighted SPX has actually fallen in the last three out of four weeks, diverging very sharply from SPX which has just made the highest weekly close since last August

Divergences are growing:  DJIA and DJ Transportation Avg are both well off early...

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