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Near-term trends for US Equities might seem to have accelerated on Friday’s Powell Speech, but SPX remains under the key 4600 level.  A majority of the major sectors are also now right near meaningful intermediate-term downtrends.  Until we can see proof of downtrends being convincingly broken across the board, I still view current levels as being a poor risk/reward for new investments without consolidation.  

US Dollar attempted to bottom out Thursday with its breakout, but Treasury yields remain oversold and trending lower.  Precious metals, Crude oil, and Cryptocurrencies are attractive technically, and it remains correct to be selective with Equities until consolidation can play out.

The near-term range-bound trading range of recent days appeared to give way Friday on very positive market breadth.  While I expected Equal-weighted Technology and Financials ETF’s to hold July highs, it looks like these levels will be exceeded early next week.   Both $RSPF and $RSPT show DeMark exhaustion to potentially arrive within two trading days.

Overall, I don’t feel Friday changed the technical picture for a few important reasons:

SPX remains under 4607.07, the July ...

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