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Cycle Screens Confirm Price Action Suggesting Intermediate Top Formation

Cycle screening measures were weaker today. The aggregate measure fell to the sell side. All 9 components weakened. New 13 week and 6 month cycle signals weakened to the sell side on balance, as did both the current status measures on that cycle, which had never gotten far beyond neutral in the rally. That was a continuous warning sign that the rally was weak. The negative turn in 13 week cycle measures comes in the time window where the cycle high was expected and is joined by weakening 6 month cycle indicators.

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