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Weekend Review and Watchlist

Overview

The S&P was more or less unchanged for a second week as it continues to trade in a tight range just below its highs. Interestingly, its equalweight equivalent $RSP weakened further this week, briefly testing the mid-June highs and breakout level from 3 weeks ago.

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However, the S&P did manage to close at a new high on a weekly close basis.

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The NASDAQ was lower for a second straight week but without causing any damage, and remains just below its highs.

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The Dow was the big winner, posting its eighth straight record close.

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Contrast that with the Russell 2000, which slid below its 10-week MA to post its lowest weekly close in 2 months, and the Transports, testing its 40-wk MA for a second straight week.

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Overall though, despite the obvious divergences between the major indices and the sector rotation under the surface, breadth remains near its highs.

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Sector Analysis

Leading the way this...


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