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The Stock Indices continue in a rotational pattern without much impulsiveness. However, the market internals continue to deteriorate. As you will see in the Briefing, the percentage of stocks above their 20-day and 50-day moving averages is collapsing. Net volume continues to decline. Market breadth is declining, and 52-week highs minus 52-week lows just turned negative today. While a positive news event can change the current weak internal structure, the risk to a downside breakout is certainly present.
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