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Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

The S&P 500 is getting ahead of itself. After such a rapid and extensive rise the index needs a pause to refresh. There is ample room to do this by moving modestly down towards the mid-point of the trend channel, or by simply trading horizontally for a period of time and letting the upward trend channel play "catch up." With the 39-week cycle maturing in mid-January and the 70-day cycle maturing towards the end of the month, prospects are good for a pause/pullback early in 2018.

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