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The State of the Trend

Market sentiment changed to "All In" during Thanksgiving week, and in just four days the SP500 recovered all the ground lost during the last couple of weeks:

As expected, market breadth peaked, and that leads us to believe that a sideways/down stage is about to begin:

A mild correction, where the index bottoms above the November lows, will raise hopes for a possible year-end rally, although the seasonal indicator points to choppy trading ahead:

Ditto with the May-June analog:

 

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