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The video in this report is only accessible to members

SPX and DJIA officially joined NASDAQ back at new highs, which is certainly a constructive move for these indices.  However, it will be the act of Equal-weighted S&P and Value Line, not to mention DJ Transportation Avg also rejoining that will put the stock market in a better technical position for 1st Quarter.   Technology has managed to carry market performance despite a rally in both US Dollar and Treasury yields while breadth has waned in recent weeks.  Overall, it’s difficult to fight this move, but more conviction will naturally arise if all the laggard sectors can begin to claw back and participate, vs. Technology peaking.  The key area in question from a time perspective is 1/27-1/29/24.

Bottom line, it’s still not wrong to say 2024 has been a choppy time for equities, despite QQQ having made a beeline back to new high territory.  Technology remains in very good shape technically and there’s a reason why this sector was a technical overweight for me, for 2024. 

Now the market has two options:  Either resume a broad-based rally back to highs in the sectors that have underperformed dramatically to start the year.  Conversely, Technology would peak fro...

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