Breadth in the U.S. equity market has contracted over the past few weeks despite the S & P 500 trading near all-time highs, indicating that the rally in the major indices has been narrow lately. The contraction in breadth is evident in cumulative breadth metrics like the NYSE cumulative advance-decline line, which has pulled back since mid-May. Short-term momentum is to the downside for the advance-decline line, which has room to next support from the daily cloud model .
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