With the S & P 500 now threatening to break below the 5,000 level for the first time since February, investors are struggling to determine whether to consider this a buyable pullback or the beginning of a more sustained decline. One market breadth indicator suggests that we may still be in the early phases of a market decline. We had been focused on the 5050 level for the S & P 500 as a key "line in the sand" for equities.
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