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The video in this report is only accessible to members

SPX stands a good chance of peaking out in the final days of July, with key turn dates possible this Friday, 7/21 and/or 7/24.  At present, the trend is stretched but bullish and tough to call for a reversal without proof.

Markets continue to chug higher, and while US Equities pulled back from early highs, $SPX, $QQQ recorded positive closes with no evidence of any reversal.

Banks continue to make upside headway.  However, this is expected to prove temporary and not the start of a large intermediate-term rally in the Financials sector.

Importantly, while SPX and QQQ have gotten short-term overbought based on traditional momentum indicators, it’s more difficult to make this case when studying Equal-weighted indices like $RSP or $QQQE.

Importantly, breadth has begun to show some divergence on the most recent push up into mid-July.  Furthermore, weekly $RSP charts (Equal-weighted S&P 500) show prices above the higher Bollinger Band which has not expanded too dramatically.

Finally, it’s interesting to see that both RSP and NYSE Composite have pushed up to test levels near prior highs.  As shown below, this gives a more...

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