Technology & Discretionary Vs. Staples both show potential to push even higher into August Array ( [cookie] => a69daa-6733d9-3ca237-caec3f-6fccd9 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 404796 [user_id] => [reason] => [method] => ) 1 and can accesss
Bullish trends have begun to reemerge after QQQ’s move above 551.63, while SPX also managed to achieve a new all-time high close on a daily basis. Despite the minor breadth erosion of the last two weeks (which largely came about given sideways trading), no real deterioration happened in SPX nor QQQ, as Technology’s strength was able to buoy the market despite some minor pullback in Equal-weighted S&P 500. I feel this latest minor breakout likely postpones any further market weakness, and could allow for SPX to move up towards 5400 without much reaction. Overall, the only minor technical warning signs involve some minor breadth deterioration along with Yields pressing higher. Both of these are likely to prove short-lived and likely do not result in any material market weakness until August.
Overall, it appears as if our recent trading range is now being resolved by yet another upside breakout. Despite the plethora of DeMark-related exhaustion signals on several indices there hasn’t been much evidence of confirmation of any signals while weekly signals look premature.
The $QQQ chart below helps to illustrate this concept. As seen, $QQQ formed just a TD Sell Setup on weekly charts four weeks ago when QQQ was challenging former all-time highs from early 2025. However, this failed to materialize into anything serious before the price started to push back higher.


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