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Weekend Review and Watchlist

Overview

Equity indices retreated modestly this week and remain close to their highs, but a fair amount of technical damage has occurred with significant levels breached on some of the major indices, and rapidly deteriorating breadth.

The S&P moved to 4 week lows, breaking below its 50-day MA, (and 10-week) but is just 1.6% off all time highs.

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The equal-weight S&P (RSP) moved lower still, as leadership remains concentrated in smaller numbers of large cap names.

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The NASDAQ closed marginally below its 10-wk MA.

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The NYSE Composite gave back 4 weeks of gains, slumping below its 10-week MA.

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The Russell has pulled back to its 200-day MA, and closed below its 40-week MA.

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Midcaps posted the lowest weekly close in 3 months.

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Microcaps closed lower for a third straight week, taking out its 40-week MA.

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The Dow is easily the strongest of the major indices, just below its highs and with room to its 10-week MA, in sharp contrast to the Dow Transports which is testing its 40-week and 200-day MA.

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Breadth via the NYSE Cumulative Advance/Decline has retreated sharply.

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Sector...


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