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Takeaway: Employment #GrowthAccelerating (best jobless claims print since 2007) and #RatesRising are driving both the US Dollar and US Stocks higher.


Overbought, but a very bullish overbought at that!

Today’s new all-time high is sponsored by confirming evidence that both employment #GrowthAccelerating (best jobless claims print since 2007) and #RatesRising can drive both the US Dollar and US Stocks higher.

Sell Gold and Treasuries yet? They are being appropriately tapered. That’s not new as of today – that’s the TREND.

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

  1. Immediate-term TRADE resistance = 1705
  2. Immediate-term TRADE support = 1690
  3. Intermediate-term TREND support = 1621

In other words, everyone and their brother will be waiting for the next “correction”, but now almost everyone has to chase.

I’m not a fan of chasing, but I’m not a fan of the end of the world trade either. Stay with what’s been working - long growth as #GrowthSlowing expectations continue to be misplaced.


Keith R. McCullough
Chief Executive Officer

Overbought: SP500 Levels, Refreshed - SPX