The Leuthold Group's latest Major Trend Index report marks an upgrade to Neutral for the week ending April 10, 2026, driven by a strong V-shaped recovery in equity markets. The S&P 500 gained nearly 8% over seven of the last eight sessions, pushing most indexes back above their 200-day moving averages and within reach of all-time highs. While the technical picture has improved meaningfully, inflation is emerging as the key risk — headline CPI hit its hottest monthly reading in four years, and ISM Prices Paid for both manufacturing and services reached levels not seen since mid-2022. Leuthold's current stance: cautiously optimistic, with net equity exposure held steady at 49%.
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