When we began expecting a period of consolidation on June 5th, our tactical plan based on a positive fundamental core thesis was to add market exposure on weakness toward S&P 500 (SPX) 3000. That view was based on the history of what happens following long duration breadth thrusts higher when more than 90% of the SPX components trade above their respective 50-day moving averages for at least 10-consecutive days.

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