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By Lawrence G. McMillan

$SPX remains in a bullish trend, despite breaking one support level this week -- a level which it quickly recovered. There is support at 2557 (Wednesday's low, from which prices have rallied over 30 points in a day). Below that, there is support at 2545 (the October lows), and then the major support at 2510 -- the September highs, and the area which launched the current leg of this long market rally.

The equity-only put-call ratios are split in their nature. The weighted ratio dropped to multi-year lows in late October and gave a sell signal shortly thereafter. It remains on that sell signal, but the standard ratio is on a buy signal.

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