[PLUS] June Weight of the Evidence: Deteriorating Liquidity Backdrop Turns Evidence Overall Neutral

Key Takeaway: The weight of the evidence has dropped to neutral for the first time since August, suggesting we could be in for a choppy trading environment as we move into the summer months. While the liquidity backdrop has shifted to neutral, breadth (especially when looked at from a global perspective) remains bullish. Whether this is a pause in a bullish cyclical trend or the beginning of a more meaningful deterioration remains to be seen. If breadth weakens from here, it would argue for the latter. For now, the best counsel is patience.

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