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SPX and QQQ at new all-time high territory has not yet been followed by similar movement from Russell 3k, Value Line Average, and DJ Transportation Avg, and this divergence will be important to concentrate on in the weeks ahead.  Technology remains an outperformer after its recent breakout while Financials are starting to play “Catch-up”. Meanwhile, defensive sectors like Utilities, Staples are all starting to show evidence of hitting support, and likely are close to turning higher.  Breadth has been waning in recent weeks while US Dollar and Treasury yields have begun to press higher which likely could bring about an upcoming consolidation for US Equities.  At present, trends are bullish and trend reversals require a close back under 1/12/24 peaks to have even short-term concern. (SPX-4802.40).

The US Equity rally appears to be getting a bit tired, if the lack of follow-through on Thursday’s economic data was any indication.  NASDAQ finished negative in Thursday’s session while SPX logged just fractional gains.  Defensive groups like Utilities and Staples fared much better than Technology and Financials, but breadth finished at more than 2/1 bullish and all 11 sectors were positive.&n...

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