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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)

I’ll save any further rehashing of the near-term Equities trend until there is additional evidence of either a breakdown under SPX 4802, or some evidence of counter-trend Exhaustion signals arriving upon a push up above 4930.  Until this happens, the near-term trend is bullish, but looks to be nearing resistance.

As this week comes to a close, it’s worth studying the performance of the main US Equ...

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