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All of the major averages reversed from their new highs on Thursday to close well below the best levels. Choppy action on Friday as the short-term A/D and momentum indicators suggest a top is being formed. A sharply lower close is needed to confirm. The McClellan Summation Index has flattened out with key support now at 1152 for the S&P 500 (SPY @115.52) and then in the 1140 area. We could see one more push above 1180 early in the week before the top is complete.
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