The Major Trend Index closed out the month of January at High Neutral. Last week featured fresh all-time highs in the S&P 500 and our S&P Cyclical Index (Cons. Discretionary, Materials, and Industrials). A decent capstone to a month of impressive Technical gains, especially within our Breadth/Leadership subcategory. Net equity exposure in Leuthold tactical accounts was unchanged at 58%.
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