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The Major Trend Index held at a Neutral reading for the week ended July 26th. A second consecutive weekly decline in the S&P 500 failed to knock down our Technical composite from its bullish perch at +4. In fact, that category saw twice as many upgrades (10) than downgrades (5) as the market continued to broaden. The pullback in the long-time leadership of mega-cap Tech has nicked a few our Sentiment measures, but that segment overall still scores as a near-term negative. The monetary and liquidity work—the main drivers of the Cyclical subset—remain negative, while the economic data continue to trend in a manner that looks “pre-recessionary.”

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