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.

Overall, Technology’s weakness in some of the former highflyers resulted in minor weakness Tuesday morning, but Breadth largely remained positive for most of the session until Industrials and Materials weakness became a bit more negative.  Yet, none of the major 11 sectors outside of Technology finished with losses greater than 1.00%.  Moreover, three sectors finished positive on the session and market breadth proved to not be largely mixed and just fractionally negative.   Bottom line, Equity trends continue to show no technical evidence of wavering. 

As the chart below shows, SPX’s minor weak...

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