As Leading Stocks Become Advanced, Homebuilders are Bottoming

Impressive price and breadth uptrends remain intact - The S&P 500 and Russell 2000 small-cap indices made new all-time highs again this week keeping their price trends firmly intact. Peeling the onion to look inside these indices, participation or breadth, as measured by the S&P and NYSE advance-decline lines, also remain in confirmed uptrends and are not signaling any meaningful deterioration yet. As I write this note on Friday afternoon, the Russell 2000 has pulled back over the past ...

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