The Fred Report - Weekly July 17, 2023

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We could see a pullback to the 420-area on SPY. There has been no big change in the internal indicators – accumulation is still strong enough to support further upside, and breadth indicators are overbought but not negative configurations.  While banks sold off on the positive stress test and stronger earnings news, we believe that this part of a pattern that will lead to a bank rally in the second part of 2023.

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