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BTIG technical analyst Jonathan Krinsky said that while the S&P 500 SPX, -0.04% has room to rally further without breaking out of its current downtrend channel, but he remains “cautious” on stocks given that market internals have been “struggling.” In particular, Krinsky noted that the percentage of S&P 500 components that have been trading below their 200-day moving average (DMA), which many view as a dividing line between longer-term uptrends and downtrends, ahs been below 55% for most of the days for the past six weeks.
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