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Market Commentary

By Lawrence G. McMillan

The stock market, as measured by the Standard & Poors 500 Index ($SPX) continues to trade in a fairly tight range, which is beginning to frustrate just about everyone. There is support at 2070, and the 2130-2135 area is now strong resistance. As a result, the $SPX chart is neutral.

Equity-only put-call ratios are about as noncommital as I can remember. Both are drifting sideways, meaning they're not really on a strong trend of any kind.

The market breadth oscillators are also split in their outlook.

Volatility remains bullish. $VIX would have to break out of its range and begin trending higher in order to produce a sell signal...

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