Highlights
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July gains in the S&P mask weakness across leading groups, including Semis, Metals, Hardware, Capital Goods, Chemicals, and Clean Energy.
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Semiconductors remain the strongest 2026 leadership group, up over 100% year-to-date, despite a sharp July pullback and profit-taking.
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SMH remains in a powerful uptrend, with all Risk Gauge timeframes signaling Risk On and long-term participation remaining strong.
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Further downside may test support zones, but growing oversold conditions are prompting. . .
