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The video in this report is only accessible to members

Near-term trends appear choppy, despite NASDAQ having pushed back to new all-time high territory on Thursday.  Technology’s dominance has been a hugely successful factor in helping to buoy indices despite some of the underperformance in many sectors over the last three weeks.   US Dollar and Yields have shown more evidence of turning higher, and this should eventually 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.

US Equities turned back up sharply on Thursday, albeit dominated by Technology in a way that resulted in a push back to new all-time highs for QQQ, while SPX and DJIA held under prior peaks.  This divergence will need to be alleviated sooner than later to give some confidence about the longevity of this bounce.

Technology, to its credit, has managed to sharply outperform, with Software ETF’s like $IGV having rallied back to new two-year highs.  Semiconductor indices like SOX have been even more positive, having pushed back to new all-time highs this week. 

While both Treasury Yields and US Dollar have begun to st...

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