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The stock market might be slowing down, but there's no stopping in sight.

Weekly momentum for the S&P 500 Index has started decelerating, according to Fundstrat analysts. But it would be "premature" to label a slowdown in gains as the initial development of a broader pullback.

"Not surprisingly, last week's low volume, shortened trading week produced few meaningful macro technical changes," Fundstrat wrote. However, "the S&P's intermediate and short-term index uptrends remain intact."

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According to the analysts, growth versus value is still a "relative uptrend with no meaningful evidence of reversing yet." Growth in developed nations aside from the U.S. and Canada, however, continues to stall out at its 2014 high, "while relative performance vs the S&P continues to notably diverge having yet to rally above the Q4 2016 highs."

In the Tuesday, Nov. 28, note, Fundstrat included ideas for the coming weeks as high-flying 2017 draws to a close.

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