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Market Stumbles, But Rallies Back
Last week, we discussed the market hit new highs with the index getting back to more extended and overbought conditions.
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To wit: The technical backdrop is not great. With the market back to 2-standard deviations above the 50-dma, conviction weak, and investors extremely bullish, the market remains set up for additional weakness.
However, we are in the first two weeks of July, which tends to be bullishly biased. After increasing our equity exposure previously, we will give the market the benefit of seasonality for now.
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