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Summary
Breadth in the stock market remains our main concern, with the cumulative NYSE New 52-week Highs-NYSE New 52-week Lows still below its 50-day moving average. In addition, the percentage of stocks on the S&P 500 (SPX) and on the S&P 100 (OEX) above their 200-day moving averages remains weak at just 40% — and in the dangerous territory that exists below 45%. The NYSE Composite is a bit worse at 38%.
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