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The Leuthold Group's latest Major Trend Index holds at Neutral for a third straight week, even as markets snapped a multi-week winning streak. The story underneath is earnings. While valuation multiples sit near record highs, accelerating EPS growth has done much of the work to keep those multiples in check to the point that the index's P/E on forward operating earnings has actually compressed year-to-date. After a 2025 defined by earnings catching up to price, 2026 is testing whether "E" can carry the market from here.

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