AAPL strength helpful to markets despite all 11 sectors lower

Near-term trends for US Equities and Treasuries seem to be at resistance, while the US Dollar index has begun to rally.  A majority of the major sectors are also now right near meaningful intermediate-term downtrends.  Until we can see proof of downtrends being convincingly broken across the board, I still view current levels as being a poor risk/reward for new investments without consolidation.   Weakness possible into 12/21

The immediate Treasury rally following Tuesday’s economic data resulted in Treasury yields pulling back to new three-month lows directly following a similar period of German Bund yield weakness after ECB’s dovish remarks by Schnabel.

This caused Equity indices to rally to finish the day nearly unchanged.  However, the degree that Technology camouflaged the intra-day bounce cannot be ignored.   Despite a +0.60% gain out of $XLK, the SPDR Sector Technology ETF, results out of the Equal-weighted Technology gauge were not nearly as robust.  Invesco’s Equal-weighted Technology ETF ($RSPT) fell -0.59% and tells a far different story.

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