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The video in this report is only accessible to members

Near-term trend for US Equities is bullish, but getting extended as part of negative momentum conditions on weekly and monthly charts.  Treasury yields and US Dollar might weaken into US Thanksgiving holiday but larger breakdowns look premature.  An Equity rally looks likely into 11/24 or 11/27-28 before consolidating into early to mid-December.

Similar to most days recently, today’s mildly positive finish failed to tell the whole story, as eight major S&P sectors (out of 11) finished negative on the session, with above-average weakness out of Small-caps, Discretionary and Energy stocks.

Healthcare managed to show some above-average upside follow-through, and Medical Devices stocks in particular successfully turned in good performance.  ( I discussed $IHI possibly extending gains, and this still looks likely given the recent decline in Yields.)

While many might expect that this initial “market rip” might be something to sell into, technically speaking, my indicators look early based on price and time principles by roughly a week in this regard.  SPX likely has another 50-75 points up into next week in all likelihood, and I expect that QQQ might also reach 392-393.

I’ll certainl...

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