Defensive Rotation accelerates as Technology weakness drives QQQ lower

Near-term US Equity trends remain bearish and choppy, but the broader uptrend is not yet in jeopardy, as Wednesday's weakness was concentrated in Technology and has not produced any breakdown in the Equal-weighted $SPX. Long-term Treasury yields and WTI Crude continuing to roll over remain a tailwind for risk assets and for the rate-sensitive Value groups now gaining leadership. The day's defensive positioning — w...

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