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Magnificent 7” was a term invented by BofA analysts to describe some of the largest percentage weightings among large-cap Technology stocks that make up SPX and QQQ, largely found in Technology and Consumer Discretionary.  These seven are: MSFT, GOOGL, AMZN, AAPL, META, NVDA, and TSLA.  This week, five of the seven are due to report earnings, which represents a significant week potentially for SPX.

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...

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