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Meltup Persists, but Cycle Signals Point to Topping Process Ahead

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The S&P 500 continued its sharp rally, bolstered by April’s massive Treasury paydowns. The surge has driven prices into upper channel resistances across short, intermediate, and long-term cycle frameworks. The rally remains intact, but multiple cycle indicators suggest the risk of reversal is rising. Here’s what to look for as signs of a topping process.

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