Outlook: We are in the midst of a rally to new highs as the financial cycle rolls over from peak yields to peak equities. Commodities topped in May ’22, DXY in Oct ’22, and Yields in Oct ’23. Risk will rally through year end and new highs in the broad indices are expected Q4 ’23 or Q1 ‘24.

QQQ: The short-term V-bottom of November has helped to perpetuate the structural V-bottom/cup-and-handle going back to the prior ATH in Nov ’21.Targets 410.

SPY: The outperformance of tech will help bring the SPY to new highs in similar fashion (Q4 ’23 or Q1 ’24). Targets 480.

IWM: The strong rally off support is indicative of broader market strength and should lead to a breakout of the consolidation range that has plagued small caps since Q2 ’21. Targets 200.

DXY: As predicted, the November move was down. The long-term trend is sideways at best with a downside lean. Support rests at 101.

2s: The last time the 2Y was this high, we had a period of consolidation at the top before a precipitous fall into the great financial crisis. The floor is not zero, but 4.66 is too high. Downside to 3.8.

10s: Growth slows and the 10s go with it. Downside to 3.4. 

Crude: Has shared an unusually high correlation (>.5) with the DXY over the last 18 months and will continue to mirror price action in the short term. Support at 67. 

Gold: Gold will be the next to benefit following an equity peak but will continue to do well as rates fall. A breakout seems nigh and will propel the yellow metal to 5000 before the bull market is over.

BTC: Price action reflects accumulation in anticipation of ETF. Buy the rumor, sell the fact.