U.S. stock-market internals are exhibiting conflicting signs as the rally in the S&P 500 Index approaches 10 percent from the low reached after Brexit. Just 5 percent of companies in the benchmark have rallied far and fast enough to breach a level analysts deem “overbought,” versus the average 15 percent in comparable rallies, data compiled by Bloomberg show. At the same time, the gauge’s 10-day moving average is 5 percent higher than its 200-day mean, the widest gap in more than a year.

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