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U.S. equities continue to hold within strong uptrend channels across all time frames, yet the advance is showing signs of internal strain. The S&P 500 remains in a steady short-term uptrend after new highs in late October, but cycle-screen data reveal that participation has narrowed sharply. The indexes stay firm, while many individual stocks have slipped into short-term down phases.
Cycle projections are little changed from last week.