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By Lawrence G. McMillan

$SPX has broken to new lows for this move, taking out the support at 2437. That means that a test of the 2400 level is likely in the cards. There is resistance at 2480.

Even with the relative negativity of recent movements, it is worth remembering that as long as support at 2400 holds, the $SPX chart will remain positive.

Equity-only put-call ratios have remained bearish since early August. After the buy signals from other indicators early this past week, these put-call ratios were our only remaining bearish indicators. So far, they have proven to be the most correct.

Market breadth seems like it is trying to get on the same page as...

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