S&P 500 Due for a Break but Follow Through Depends on Spark, Dollar Turning

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S&P 500, US Dollar, EURUSD, GBPUSD and USDCAD Talking Points:

• The S&P 500 carved out an ‘inside day’ through Wednesday trade resulting in both a record high close and the smallest trading range since Dec 24th, 2019
• While a breakout (bullish or bearish) is likely ahead, the build up in growth forecasts – from NFPs to ISM services to IMF forecasts – has done little to rally risk trends
• Meanwhile, the US Dollar was still under pressure with EURUSD and via the DXY, but pairs like USDJPY, GBPUSD and USDCAD are starting to mark progress

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