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After gapping slightly lower on yesterday’s open, stocks quickly reversed their initial weakness. By midday, all the main stock market indexes had recovered back to the flat line. Thereafter, the broad market traded mostly sideways into the close. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all finished within 0.1% of unchanged levels. However, the small-cap Russell 2000 and S&P Midcap 400 indices continued to show relative strength and closed in positive territory. Total volume in both the NYSE and NASDAQ was 6% higher than the previous day’s levels.The iShares Dow Jones US Home Construction ($ITB) broke out from a bullish base on January 2, and rallied about 10% higher before stalling out just below 24.00. After a two-week pullback off the highs, $ITB rallied sharply off support of the 20-day EMA but stalled once again just below 24.00.

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