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Takeaway: With both USD and the UST 10yr yield holding TREND supports, this remains a pro-growth investors market.

POSITION: 8 LONGS, 2 SHORTS @Hedgeye

I am on a Delta flight right now, so I’ll keep it brief. With both USD and the UST 10yr yield holding TREND supports, this remains a pro-growth investors market.

Across our core risk management durations, here are the lines that matter to me most:

  1. Immediate-term TRADE resistance = 1699
  2. Immediate-term TREND support = 1675
  3. Intermediate-term TREND support = 1612

Pretty simple. This market remains the one consensus loves to hate – but it also continues to signal higher-lows of support and higher-highs of all-time resistance. We call this a Bullish Formation.

On pullbacks toward 1675, you keep buying the darn dip.

KM

Keith R. McCullough
Chief Executive Officer

Still Bullish: SP500 Levels, Refreshed - SPX