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Cycle Screening Measures Continue To Rally

Cycle screening measures strengthened on Thursday, following through on the earlier gains of this week and suggesting that the rally has further to go. However, the trading range has become so thin after so many crossings over a period of months that it is virtually frictionless. These indicators gave little forewarning of a turn at the low, and may give little forewarning that a downturn is imminent. That should change if the rally makes it to the top of the range or a little beyond, where there should be some churning before a turn.

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