SPX/NDX Breadth Bullish – Yield Spreads Narrow – 3month Yield Predicts Rate Cut

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S&P 500 and Nasdaq 100 breadth indicators are majority bullish, but S&P 1500 breadth remains majority bearish. Yield spreads remain narrow and show no signs of stress in the credit markets, which is bullish for stocks. Short-term rates fell to multi-month lows in early August, indicating that the Fed will cut rates. Overall, the environment for stocks is selectively bullish.

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