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Recent stalling out in Equities, US Dollar and Treasury yields awaits some evidence of resolution, and despite this week’s dovish message and accelerated QT tapering schedule, there hasn’t been enough progress to argue that a rally back to March peaks is yet underway.  Near-term, both AAPL earnings and Friday’s Jobs report might prove important, but the key rests on a broad-based Equity rally which likely should proceed as DXY and TNX are beginning to turn back lower.  As discussed yesterday, I suspect that 4/19 lows near 4953 should hold on any backing and filling, while a rally back over 5123 should result in a quick move back to test and exceed 5265.

Overall, the first part of this week has largely proven constructive towards reiterating the Fed’s dovish stance while affirming their focus on still being restrictive.  Both Treasury Yields and US Dollar showed evidence of pulling back on the accelerated QT tapering scale, but yet neither has officially broken down enough to argue a new downtrend is underway.

Interestingly enough but not surprisingly, Treasuries, US Dollar as well as US Equities remain in a one-month range, without much resolution for Bulls nor for Bears.

Given the robust ...

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