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Market Commentary

By Lawrence G. McMillan

The genie is now out of the bottle, and it's going to be very hard to put him back in again. $SPX has broken major support at 1950, and that changes things: the chart of $SPX is no longer bullish; it is now bearish.

Equity-only put-call charts continue to remain on sell signals. These put-call ratios will remain bearish until they roll over and begin to trend downwards.  It doesn't appear that will happen anytime soon.

Market breadth (advances minus declines) was a harbinger of this move.  Both breadth indicators are on sell signals and are deeply into oversold territory.  However, the market can decline while these are...

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