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Market Commentary

By Lawrence G. McMillan

The market continues to act much better than it did in February through April. That positive intraday reversal on Thursday, May 3rd, still stands as the day that things changed. $SPX has been up most days since then, with only one large down day -- May 15th.

Having said that, the one indicator that is still not in synch on the bullish side is the $SPX chart itself. There is a problem in the 2750 area. Until $SPX closes above there, the chart will continue to have a bearish tint to it.

Meanwhile, on the downside, that strong rally on May 3rd emanated from another "touch" of the 200-day Moving Average. That rising MA is now at 2630. So any...

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