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Leuthold's Major Trend Index held Neutral for the week ending July 2, as upgrades in Technical, Cyclical, and Sentiment were offset by similar downgrades. Large Caps led with uniform 2% gains across the Nasdaq, S&P 500, and DJ Industrials, while Sentiment softened on "max negative" margin debt growth. Still, six of eight bellwether indexes hit new highs, a broadly bullish technical signal that leads Leuthold to expect the S&P 500 about 1% off its peak to follow suit soon. Equity exposure in tactical accounts stands at 54%.

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