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Near-term trends still appear to have limited upside, despite Technology having outperformed in a way that’s largely holding up indices like SPX and QQQ to the detriment of Equal-weighted index gauges.  US Dollar and Yields have shown more evidence of turning higher, and this could be a bearish development for stocks given prior correlation tendencies.  Both Healthcare and Financials look to be at resistance and this could prove to be a headwind for Equities over the next month

Six sectors fell to new lows for 2024 on Tuesday, illustrating a much more broad-based decline than what many benchmark indices might imply given Tuesday’s -0.37% pullback. Transportation stocks along with Small-caps underperformed while Yields and the Dollar spiked.

Technology fell the least of any of the major 11 Equal-weighted sectors, lower by just 0.19%, and when viewing Technology based on its SPDR Select Technology ETF, $XLK, Technology managed to finish positive.  Given gains in both Semiconductors and Software, Technology was able to successfully camouflage Tuesday’s performance in a way where most felt markets finished largely unchanged.

While many sectors have begun to consolidate gains, it’s hard to say ...

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