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Pullback in SPX and $QQQ has not damaged the uptrend heading into the busiest week of earnings for the quarter, and S&P Futures look to be indicated higher following earnings from $AAPL, $META, and $AMZN post close on Thursday.  Overall, a push back above late January peaks doesn’t necessarily create a bullish rally to initiate new longs given the recent waning in momentum throughout January and the prospect of a five-wave advance being complete into early February which might show resistance near 4965, or 4995. 

On the upside, I suspect that SPX 5000 represents strong near-term resistance while 4800 is an important floor to any early month February weakness.  Seasonally speaking, Equities should be entering a choppy period in February, which tends to be seasonally a worse month than Januarys during Election years. 

Below is the picture of March E-Mini S&P Futures following post-close earnings on Thursday.  S&P has eclipsed prior highs from early this week, which is certainly a positive based on short-term technical structure.  The negatives have to do with Elliott-wave patterns potentially nearing completion coinciding with a lower than preferred momentum and breadth rea...

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