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By Lawrence G. McMillan

Both bulls and bears are frustrated by recent action. Most recently, $SPX has made repeated attempts to challenge the all-time highs, but it has not yet been able to break out.  There is resistance in the 2110- 2120 area that has contained all advances.

In any case, the $SPX chart is still neutral until it breaks out of the triangle in a convincing way.

Equity-only put-call ratios have been bullish since around the first of the month.  But this week, they began to curl upwards -- a move which could lead to a sell signal if it were to persist.  To the naked eye, the weighted chart (Figure 3) definitely looks like it has begun to...

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