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S&P 500 Index (SPX.I) & Russell 2000 Index (RLS.I)

In December, the equity market recovery broadened out and participation increased dramatically with the small and mid cap troops finally following the large cap generals higher. In particular, the Russell 2000 Index (RLS.I) staged a very strong rally, climbing up from a successful retest of its October 2022, and driving up through all of the trading range that has prevailed for the last eighteen months and snapping a downtrend line.

Canadian Imperial Bank of Commerce (CM.TO)

In the last month, CIBC has attracted renewed interest, and its relative strength has improved significantly. The shares have snaped out of a relative strength downtrend, exited the red zone and returned to the Green Favored Zone for the first time since April of 2022. Yesterday, CM.TO finished in 52nd place, up 86 positions in the last month.

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