Daily Report : Not much oomph as the Advance/Decline Line lags; Timeframe tensions

The major indexes have rallied hard off their lows from March. After a couple of initial breadth thrusts, though, overall advance/decline figures have been unimpressive. The Cumulative line on the NYSE is only about 2% off its lows, one of the worst performances relative to gains in the S&P 500 when coming off a 6-month low.; The S&P 500 has surged above its 50-day moving average and is now the most stretched since 2011. But despite the surge, it's still trading below its long-term 200-day average, triggering tension between the time frames.

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