S&P 500 Rally May Be at Risk After a 9.6% Gain in Three Weeks

(Bloomberg) — The S&P 500’s 9.6% rally in three weeks is looking increasingly unsustainable to some market watchers.

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Concerns about the gauge include the fact that stocks often rally on signs of softness in the US economy because that means the Federal Reserve is less likely to continue raising rates. But in the end, weaker data also is just that — weaker. In addition, some technical indicators are starting to look stretched.

Strategists tracked by Bloomberg…