One way to use the indexes proactively is to stress test portfolios, State Street says, noting that institutional investors can work to construct allocation models that can be resilient in volatile times and still capture upside in more stable periods.

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After all, the major market indexes pulled back to (successfully) test technical support, creating a lot of anxiety among investors in the process, and the ensuing rally has been so sharp, and so sudden, that you have to believe many have been left behind.

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