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Tech could stall out, while Energy begins to turn higher

Equities extending gains after early pullback attempts failed.  Breadth about 2/1 positive,  constructive, though not great, with nearly 4 times the amount of volume into UP vs DOWN stocks.   This is producing a TRIN reading intra-day of .52, (ARMS INDEX)  which is LOW and often times coincides with peaks.  For now.  No evidence of this today, with Tech having rebounded back to positive and Financials making their OWN breakout move which had been lacking over the last few days.   Looking at XLF, this is a minor BREAKOUT of the downtrend which has been ongoing with this sector in the last two weeks, which is a positive and suggests at least some minor upside in this group into early next week.   Energy also positive and showing increasing signs in the last week of trying to stabilize.. which after the early week decline on the Hurricane is constructive.  (OVERALL as I’ve indicated in the last week.  ENERGY looks to be getting counter-trend BUY signals using Demark..  but this goes against some of the recent weakness and downtrend in WTI itself..  so we’ll have to watch this carefully)   the Dollar is largely unchanged vs the majors after early pullback attempts and then rallies both failed.   While Treasuries maintaining early weakness with yields higher across the board.  TECH is the big laggard today and as I wrote in my “NEWTON”S NOTES” this am..  this sector is now up to very important resistance and is getting its own counter-trend sells.  This could limit upside and COULD be an important and potentially negative signal into next week if Tech starts to turn down more meaningfully. For now.. just some minor stalling out is all we’ve seen today.   UTES and TELCOM both lagging today as might be expected after a big runup in the Utes and now Yields

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