The most notable movement in our four key tactical indicators comes from the further drop in sentiment. The NAAIM Exposure Index dropped to 34 from over 100 just four weeks ago. That is the fastest decline in the indicator’s history from over 100 – by a wide margin. Clearly, the increased volatility and weakness since the July peak has brought our intermediate-term indicators to the low end of neutral. Here are the closing levels for our four key tactical indicators over the past five sessions:
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