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Equity trend bullish but might stall out temporarily near late March highs barring a very light CPI number that results in Treasuries extending recent gains.   Short-term trends remain bullish, and momentum and breadth are supportive of further gains into June.    Despite the weakening in US Dollar and US Treasury yields of late, we still lack the meaningful breakdown that would result in both of these beginning to accelerate lower.  TNX move under 4.35% should drive SPX to 5400.  It’s right to remain bullish

NASDAQ has pushed back to new all-time highs on a closing basis on Tuesday, while SPX, DJIA and Equal-weighted SPX remain just shy of late March highs. 

While March highs look formidable given Wednesday’s important CPI report, it’s tough to believe that any stalling out would represent anything more than a short-term area of resistance ahead of a push higher to SPX-5400.

Importantly, a breakout in SPX along with NDX, DJIA and Equal-weighted S&P 500 to join the NASDAQ would represent a much more bullish development than NASDAQ Composite having made a new all-time high close on its own.

Sector-wise, the relative underperformance in Technology and Consumer D...

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