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The video in this report is only accessible to members

US Equities and Treasuries look to be near resistance, while the US Dollar index has begun to rally.  A majority of the major sectors are also now right near meaningful intermediate-term downtrends.  Until we can see proof of downtrends being convincingly broken across the board, I still view current levels as being a poor risk/reward for new investments without consolidation.   Near-term cycles still point to possible consolidation ahead of 12/22 before a year-end rally.  This should be led by a bounce in Yields and the US Dollar. 

If the Equal-weighted S&P 500 ETF from Invesco ($RSP) gets above July peaks, then it will be right to simply ignore calls for consolidation until January.  At present, it’s important to mention that it’s not just RSP that is hitting critical levels.   Six Equal-weighted sectors are also right at multi-month trendline resistance: Materials, Discretionary, Financials, REITS, Communication Services,  and Utilities. 

The QQQ weekly chart with DeMark indicators shows why it might prove unlikely that QQQ immediately moves back to new highs without any consolidation. 

Many traders were quick to dismiss the daily signal whic...

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