This week we look at the market passing an important test, the positively boring picture in margin debt, more signs of stubborn bears, positive and negative CAPEX cycle trend, deteriorating UST liquidity, and two tech stocks with recent breakouts, plus more. The SPX’s previous breakout from its monthly range was tested the other week. It passed the test. The trend has been strengthened as a result. {chart} 2. There’s an old saying in markets that you can’t commit suicide jumping out of a basement window. Well, one indicator I like to track is the YoY change in margin debt. This is a meaningful data point because ... (full story)