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Leuthold's Major Trend Index held at Neutral for the week ending August 28, 2026 (56% net equity exposure), with Technical the lone positive category amid negative Valuation, Cyclical, and Sentiment readings. Large-cap software again led markets while small/mid-caps lagged; at Jackson Hole, Fed Chair Warsh's hawkish tone pushed the 2-year Treasury to 4.35% (highest since January), with futures now pricing two hikes over the next four meetings. Software, up 32% over five weeks on an AI-driven rotation Leuthold's Group Selection Scores caught early, remains the key theme — they'll keep using those scores to navigate the AI-winners-vs.-losers divide. (Institutional-use-only; no further distribution without permission.)

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