Our breadth work became very “compressed” last week, so further rally is our immediate working assumption. It will be telling to see how the indices react to upside KRAs on the charts below. The levels our breadth work reached last week is typically supportive of substantial rally, implying that the upper KRAs will be reached or exceeded prior to a resumption of a bear trend, BUT, once again, assuming the indices are in a bear trend. We will continue to follow and update daily in client reports.
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SPY
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