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Big Tech and AI Rally Stalls in June
The technical condition of the market remains mixed. While the Dow Jones, NYSE, Equal-weight S&P 500 (RSP), Philadelphia Semiconductor Index (SOX) and Russell 2000 reached new record highs during the period, the S&P 500, NASDAQ and NASDAQ 100 finished lower, snapping their two consecutive months win streak. The technical indicators reflect this divergence. MACD, a short-term trend gauge, remains in bullish ground for the DJIA, Russell 2000, and Equal Weight S&P 500, while Momentum, as measured by the 14-day RSI, continues to improve for those indexes. In contrast, both the S&P 500 and NASDAQ are exhibiting slowing momentum...
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