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By Lawrence G. McMillan

When $SPX broke down through the 2090 support level, that was a very negative sign, especially since stocks failed at the old highs.

There is now strong resistance at 2110-2120 (the February and March peaks), as well as at 2090 (again). As for support, the initial support level will be 2040, the early March lows. Below that, there is support at 1970-1990, which is the area of the December and January lows.

Equity-only put-call ratios continue to remain on sell signals and are now moving higher at a more rapid pace.

Both of the breadth oscillators are on sell signals.

Volatility indices jumped higher, but they are still in a...

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