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 The Leuthold Major Trend Index held Neutral for the week ending March 20, with net equity exposure at 49–50%, as markets weakened amid geopolitical tensions and rising yields. Technical indicators saw a second downgrade in three weeks after the S&P 500 broke below its November lows, though a rebound could still restore stronger trends. Meanwhile, valuations improved slightly with the pullback, and despite the recent decline, market breadth does not yet signal a definitive market top. 

 

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