S&P 500’s Revamp – The Squeeze

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S&P 500 shook off both unemployment claims below expectations and 50bp ECB hike, and the formerly disastrous market breadth got a thorough revamp, leading me warn twice of more intraday upside. 3,945 then indeed failed. And the resulting entry to the European session together with outside markets left bulls in a good place to extend short-term gains (before attending to the bigger factors that make me to keep bearish medium-term outlook). Q4 2022 hedge fund letters, conferences and more Summing up, the sectoral view is far from conclusive, cyclicals are lagging, and tech with semiconductors ra…

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