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Market Commentary

By Lawrence G. McMillan

The stock market, as measured by the Standard & Poors 500 Index ($SPX) rather quietly bottomed a week ago and has moved steadily higher over the ensuing week. Thus, the $SPX chart remains bullish with support at 2350 level.

Equity-only put-call ratios continue to creep higher. This has had the effect of generating sell signals, at least according to the computer programs that we use to analyze these charts. In reality, these charts won't be truly bearish until the put-call rises sharply and steadily from here.

Market breadth had deteriorated during the market's correction to the extent that both breadth oscillators dropped into true...

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