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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.  Furthermore, SPX and QQQ are now nearing prior peaks from late December, which I expect might represent strong overhead resistance.  The cycle for 1st Quarter in SPX and DJIA looks mixed, and US Treasury yields and US Dollar have not yet turned back lower, which makes this recent bounce on lackluster breadth for SPX somewhat suspect.   I’m on alert for any weakness in the days ahead, but a possible peak might materialize near the end of January

Overall, recent price action has proven constructive in recent days, yet much different than what was seen back in November-December 2023.  Former mean reversion gains in sectors like Financials, Healthcare and Discretionary have slowed lately, while Technology has begun to reassert itself.

Despite many investors pointing out the underperformance in AAPL, it’s worthwhile to note how robust gains have been in issues like $NVDA, and $META (Two of Tom Lee’s “Super Granny Shot” stocks)

The minor bounce from last week, has largely still bee...

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