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Near-term trends remain bullish from last week in US Equities, but the larger trend has definitely shown some stalling out since mid-December, and this larger churning still really hasn’t been resolved.  The bounce in US Dollar and Treasury yields has not yet turned back down in a way that would likely be helpful towards Equities.  The cycle for 1st Quarter in SPX and DJIA looks mixed, and this directly gels with election year seasonality that argues for a possible choppy period which eventually should begin to lead higher by March/April.  At present, the near-term picture is not crystal clear on a 3-5 day basis as breadth has begun to wane, and requires some strength literally right away to avoid a pullback.

Overall, recent price action hasn’t provided much to talk about, as the October-December surge has quietly been undergoing consolidation in recent weeks.  Despite Technology having successfully held where it needed to relative to SPX, there hasn’t been any real surge to speak of that would help US Equities resolve the recent churning, in either direction.

While near-term trends remain bullish from last week as well as bullish from late October of last year, the trend from December has been remar...

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