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Equities in No-Man's land, Rally late last week wasn't sufficient to turn trend Positive

Good morning-  Equity futures are unchanged, having rallied a bit from early am losses.. Most of Europe remains mildly negative. But important to note that both Europe and US equities have been largely unchanged from the last couple months.. And US Equities closed Friday at levels hit back in Late March, with Europe having shown a very tight range in the last few weeks-   US Dollar remains near levels hit late last week, but seeing further weakening in the Metals this am and in WTI Crude, down 1%- 

Overall 2 factors remain important to concentrate on.. One being Sector rotation of late as Tech, Healthcare have improved dramatically in the last week while we've begun to see some weakness in the Defensive areas.  The Second is the degree of pessimism currently with Total put/call ratio having hit the highest level in months and AAII polls inverted by 15%..   So these will be important to concentrate on for the days ahead, along with CNY/CNH as the rate of weakness has picked up a bit of late.. Additionally, USDJPY, and TNX have been and SHOULD be things to watch carefully in regards to the near-term direction for equities with both having rallied up to resistance last week- 

Sector-wise, TECHNOLOGY is the focus of this week's Weekly Technical perspective with charts on SOX, NDX and some of the progress in Semiconductor shares of late-    KEY FOR ESM6- the JUNE S&P MINI will be 2057-8,and then 2065 on the upside-   so less than 15 ticks away from a very meaningful level-  On the downside-  2040, then 2031, and last Thurs 2022 lows-    TREND CHOPPY and expect we can see some backing and filling this week BEFORE indices turn higher overall for a June/July rally-  so near-term technicals still suggest a defensive stance here until there is more evidence of price improvement

Very little change for this morning, along with the last couple weeks and prices remain here and in Europe near levels hit 2 weeks ago along with back in late March- Above 2065 needed to change this structure and in the meantime, bounces likely are "selling opptys" this week

One of the charts included in this week's WEEKLY TECHNICAL PERSPECTIVE- ( ) which talks about Technology's progress-  Chart shows the ratio of MSH index vs SPX, which has broken out of the downtrend from late last year- While this is a definite positive, Tech has gotten stretched in the short run.. and pullbacks would afford a better risk/reward ability to buy dips -  For now a good development

VIDEO FROM LAST FRIDAY-   Talking Technicals of US and TNX, DXY , and others