The S&P 500 (SPX) continues to hold up very well despite some indication below the surface that offense has already started to come off the field. We neutralized our market view and sector positioning Monday (1/20/20) given the extended nature and overbought condition of the market, and more specifically the Information Technology sector. Throughout the week we got further evidence that supports our view for taking a more neutral position until the market works off some excesses:

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