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The Leuthold Group's latest Major Trend Index report upgrades the overall MTI to High Neutral for the week ending April 17, 2026, as the S&P 500, Nasdaq, and Russell 2000 all posted fresh all-time highs on their best weekly gains of the recent rally. Technicals moved to +3 as the Stop and Reverse model flipped back to positive, pushing net equity exposure to 51% though Leuthold notes the model isn't ready to chase the market higher just yet. Breadth remains a concern, with cap-weighted indexes significantly outpacing equal-weighted peers, and valuations are approaching a downgrade as price surges faster than earnings. The silver lining: a spike in forward earnings estimates particularly in SMID has helped temper multiple expansion heading into Q1 earnings season. 

 

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