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Market Nearing Important Support Levels and Inflection Point

Equity markets are nearing another important inflection point at support levels, as short-term momentum indicators become oversold. In last week’s note, I discussed the importance of short-term momentum indicators to help track the 2-4 week shifts that capital markets regularly move through.

After surging from oversold levels on May 15 to overbought levels on June 8, most stock markets have been in choppy sideways trading ranges, but they remain above key support near rising 50-day moving avera...

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