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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 technically look premature.  An Equity rally looks likely into 11/24 or 11/27-28 before consolidating into early to mid-December.

Following an early session of flat market breadth, many sectors improved to close Monday positive, with just Materials, Utilities and Staples finishing the day in negative territory.   NYSE breadth closed at a bit more than 2/1 positive.

SPX, DJIA and QQQ all closed up above highs of the past three days, which had shown some minor stalling out to close last week.  This keeps near-term trends pushing higher, with no evidence of weakness.  However, it’s thought that both SPY and QQQ might find strong resistance heading into Wednesday given the presence of counter-trend exhaustion on daily charts with both ETF’s just shy of prominent levels.

Importantly, most sectors are continuing to underperform Big-Cap Technology by a wide margin.  Even with Equal-weighted Technology and Communication Services outperformed all other Equa...

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