SPX push back to near All-time highs is encouraging, but it looks premature to take a victory lap

Monday's push back above the area of $SPX's former open gap from 7/22 was a short-term positive, but in my view, should not result in a breakout back to new all-time highs right away. $SPX faces a large amount of overhead supply near 7,620.90 from early June. Importantly, Technology has not yet shown the proper evidence of bottoming out, as Semiconductors and Memory names continue to face downward pressure, and neit...

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