Dollar decline puts Emerging markets back into Focus

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SPX’s stalling out near all-time highs likely results in some coming consolidation for US stocks as part of the existing intermediate-term uptrend. In the short run, DJIA, RSP, and IWM have lagged behind the performance of SPX and look to be near resistance. Furthermore, US Technology has also pushed up to challenge meaningful resistance, which is suggestive of near-term consolidation.   However, in the bigger picture, the breadth expansion, along with ongoing subdued sentiment, normally makes for a powerful combination for a broad-based pushback to new all-time highs across multiple indices. Additionally, both the US Dollar and TNX have begun to decline which also adds to the allure of stock indices pushing higher over the next month.  While the risk/reward doesn’t look as appealing over the next couple of weeks until consolidation takes place, I expect pullbacks to prove short-lived and offer opportunity for investors, given the recent improvements in trend, momentum, and market breadth.     

In the short run, Friday’s stalling out looked to be the first evidence of a possible pullback, which might get underway at the end of the month. SPX broke its uptrend from the 1...
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