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So we are left with a conundrum. Strength by the major indexes to new highs evolved in the wake of short-term “Oversold” conditions, early on strength by less than blue chip issues (COMPX, VALUA, and Russell 2000), and Daily MAAD that hit a new high on September 4 and didn’t look back for two weeks. On the flip side, we see a market that is noticeably mature on the larger cycles. And there are harbingers of negative possibilities such as those showing up in CPFL and Momentum. Are those indicators trending negative for very specific reason, or will their negative divergences be swept aside by another round of buying? How this market has evolved over the past few months will determine its staying power in the sessions just ahead and whether or not recent strength will prove to be a bridge too far.
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