The video in this report is only accessible to members
The video in this report is only accessible to members

The rally which started Monday likely should carry SPX back to 5400.  A five-wave advance higher represented the first real positive structural effort off the lows, and both US Dollar and Treasury yields look close to turning back lower.  As I indicated in recent days, Technology as a sector is near support and the GOOGL and MSFT earnings data arguably should set the stage for higher prices in both on Friday which should help the market start to push higher.  Overall, I expect that gains to SPX-5200 are underway and ultimately 5400.

The minor stalling out from Wednesday looks complete given Thursday’s lift off the lows ahead of $MSFT and $GOOGL earnings data.    Despite the ongoing rise in Treasury yields on higher than expected Quarterly Core PCE data,  US equities managed to push sharply higher over the last couple hours with Technology and Energy both leading performance.

Post-market close earnings from MSFT and GOOGL looked to have surprised positively on both revenues and earnings and could set an early positive tone for markets given the size of both of these constituents within $SPX and $QQQ.  The act of $GOOGL announcing a quarterly dividend seems to have been a ver...

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