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Small-caps still facing difficulties, despite SMCI performance

Tuesday’s SPX decline doesn’t cause any technical deterioration in the near-term uptrend as Technology largely was responsible for the early decline which grew a bit more serious as the day unfolded.  However, SPX remains above 5057, the late February lows, and its short-term uptrend remains intact from mid-January with no evidence of any trend damage.  I suspect that SPX is en route to ~5200 and potentially even 5250 by 3/20 and it’s necessary for SPX 5057 to be broken to have any conce

Tuesday’s SPX decline doesn’t cause any technical deterioration in the near-term uptrend as Technology largely was responsible for the early decline which grew a bit more serious as the day unfolded.  However, SPX remains above 5057, the late February lows, and its short-term uptrend remains intact from mid-January with no evidence of any trend damage.  I suspect that SPX is en route to ~5200 and potentially even 5250 by 3/20 and it’s necessary for SPX 5057 to be broken to have any concern about even a minor 2-3 day pullback.  Bottom line, despite Tuesday’s minor pullback, it’s right to stick with this current trend given little to no evidence of trend failure.

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