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The immediate reversal in Yields and US Dollar on Friday has delayed Equity markets from turning higher as quickly as anticipated.  Technically speaking, both $DXY along with charts of $TYX, $TNX and $FVX still look to push higher into next week.  Thus, an immediate rally has a bit less conviction in my mind until we truly see a stalling out and reversal in both the Dollar and rates.  A couple things are important to highlight:

SPX has now pulled back under its 50% retracement zone, despite time also lining up at a key 50% retracement.  The next price area of real importance lies at 3925-30, lining up with a 61.8% Fibonacci retracement which should be forthcoming.

Trendlines from October 2022 lows are in jeopardy of being broken, along with SPX pulling back to test its 200-day moving average.  (I care less about the latter, and more about the former).

Key zones for time change in the very short-term seem to focus on two periods at this point:  The final week of February, followed by March 14-16.  Failure to stabilize by next week would unfortunately (for the bulls) make the time in mid-March important for a meaningful low in stocks.

It’s tough to abandon a bullish stance on an intermediate-term basis and ...

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