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In the very short-term, insufficient strength has occurred based on Thursday’s rally to suggest an imminent move back to new highs is upon us.  US Dollar and Yields remain trending higher and the Equal-weighted S&P 500 needs to achieve the same degree of success which has happened with the NDX.   However, AAPL’s strong breakout move happened on schedule, and gives a sharp nod of confidence that the broader market could be close to turning back higher following the last couple weeks of consolidation.   I feel that it's important that both Financials and Healthcare show some evidence of stabilization given their combined weighting of roughly 25% within SPX.

Simply stated, Thursday’s lift in Technology was helpful for US stock indices.  However, the broader market move was far less robust.   Equal-weighted S&P 500 ETF from Invesco ($RSP) finished negative on the day and requires more strength to argue that lows of this recent consolidation are officially in place.

That being said, it looks to be close to a time when the broader market should turn back up to new highs and this could be driven by Technology.  However, movement out of Financials and Healthcare ar...

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