Equal-weighted SPX has yet to gain traction while QQQ/SPY down to support

Equity trends show no evidence of wavering.  Despite this week’s mild consolidation in Equity indices, the Cyclicals have managed to kick into gear to provide support to Equities and little evidence of any trend break has occurred in uptrends of QQQ or SPX.  Technically speaking, this mild consolidation should represent a buying opportunity for a push higher into mid-March before any consolidation sets in.  However, as charts below will show, it’s very possible that QQQ could lead markets higher out of this mild consolidation, despite this week’s underperformance.  SPX requires a break of last week’s lows (SPX-4946) to have even minor concern about additional weakness.

To reiterate some of yesterday’s comments, with just one day left to February, SPX might log its best February since 2015, and the four-month period of November-February might log its first positive consecutive four months of gains since 2017.

Until/unless last week's lows are challenged (4946-SPX) which I don't think will happen right away, SPX very well can continue its rise into mid-March without much trouble, technically.  While I'm on the lookout for evidence of DeMark based exhaustion and/or sector deterioration that might prove problematic, at present, we're seeing the opposite, and the cyclical weakness possibility for mid-February has come and gone and now leading assets back higher, both Equities and also cryptocurrencies. 

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