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<p>The InvesTech Brokerage Composite consists of a basket of the most well-known brokerage stocks. InvesTech Research has monitored brokerage stocks closely since our founding nearly 40 years ago due to their tendency to provide early warnings of trouble in the stock market. Because of their perceived reliance upon stock market strength, brokerage stocks have historically peaked ahead of the S&amp;P 500 prior to every major bear market of the past 35 years. Given its high degree of historical reliability, negative divergences in the InvesTech Brokerage Composite from the S&amp;P 500 are reason for investors to exercise caution.</p>
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