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Market Commentary

By Lawrence G. McMillan

The S&P 500 Index ($SPX) has now made a new all-time closing or intraday high on 15 of the last 17 trading days. When the bears fail to capitalize on a selling opportunity such as Thursday, the bulls come back with a vengeance. The $SPX chart remains positive, with support at 2510.

Equity-only put-call ratios have turned bullish once again. Both of these ratios have begun to decline again, and when put-call ratios are declining, that is bullish for stocks.

Breadth is probably the weakest area right now, as it has been waning for several days now. Even so, the breadth oscillators are (barely) clinging to buy signals right now.

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