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Portfolio Update

Staying Nimble

By Elliott H. Gue, on May. 29, 2017

The S&P 500 has been the Teflon market all year, shrugging off disappointing US economic growth in the first quarter, the slow progress on tax reform and fiscal stimulus and wild swings in oil prices and energy stocks.

But some worrying technical indicators have emerged. At the end of last week, only 58 percent of equities on the New York Stock Exchange traded above their 200-day moving average—down from more than 70 percent when the S&P 500 traded at this level in late February and early March. In other words, a shrinking number of large-capitalization stocks have led the recent rally.

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