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From Bespoke:
Financial Sector Breaks Downtrend
The S&P 500 made a new bull market closing high today, but the action in the Financial sector was probably even more important. The S&P 500 Financial sector has been underperforming the overall market lately, and it is a main reason why the major indices haven't been able to break out of their trading ranges. Today, however, the Financial sector broke above its short-term downtrend line, which is a very positive technical formation. If the Financials start moving higher again, the market should have no trouble making another leg higher.
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