Very encouraging broad market rally and above-average strength from Small-caps and Healthcare

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

Last week’s Equity rally has started to strengthen to kick off the new week and should carry SPX initially up to test March peaks, with additional target found near 5400.  Both US Dollar and Treasury yields have shown initial signs of trying to turn back lower and last week’s Technology earnings looked impressive in turning indices up sharply following the passage of a key cycle date.    Overall, I expect that a further broadening out in this Equity rally is likely into/after AMZN earnings and this week’s Fed meeting.

The gains in the broader market when excluding big-cap Tech proved to be far stronger than the end result in SPX and QQQ, giving some confidence that the US Equity market rally is starting to broaden out.

While Materials and Utilities proved to be the only two sectors which were higher than 1.00% in Monday’s session, Industrials, Discretionary and Healthcare made very important technical moves that arguably improve the odds of these sectors starting to strengthen more in the days ahead.

Overall, SPX’s +0.32% gains paled to the +0.70% gains out of the Equal-weighted SPX, and Small-caps also showed gains of more than +0.80%, a very strong showing.

Looking at daily $RSP charts, prices have continued to escala...
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