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<p class="has-maroon-color has-text-color"><strong>Friday, March 4, 2022</strong></p>
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<p>The S&amp;P 500 has traded lower in four of the past five days as volatility has spiked as a result of the ongoing Russia-Ukraine crisis.</p>
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<p>On the economic front, the ISM Manufacturing Index ticked higher, but the ISM Services Index dropped to a 12-month low. While both indexes remain soundly in expansion territory, rising wages and an undersupply of labor continue to be concerns for both sectors.</p>
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<p>The technical situation is little changed from a week ago. The most notable change is that our Housing [Bubble] Bellwether Barometer has rebounded back to its initial support level. However, all of the other existing warning flags –such as the Distribution component of our Negative Leadership Composite, margin debt, and more– remain in place.</p>
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<p>There are no changes to the Model Fund Portfolio this week, which continues to have a net invested allocation of 63% with defensive positioning.</p>
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<p class="has-maroon-color has-text-color"><strong>The next Weekly Hotline update will be next Friday after 12:30 PM ET</strong></p>
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<h2>This Week's Market Insights</h2>
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<h2>Featured InvesTech Indicators</h2>
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