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By Lawrence G. McMillan

Despite some selling early in the week (that seemed to be more of a reaction to a short-term overbought condition than to any real change of trend) $SPX still remains well above its rising 20-day moving average. It has closed above that MA every day except one since August 28th! As I've said before, that is impressive. So the trend of the $SPX chart is bullish, and that is the best intermediate-term indicator that we have.

The two equity-only put-call ratios are diverging once again. The standard ratio is still bullish, but the weighted ratio has generated a a new sell signal.

Market breadth has not been strong and both breadth oscillators...

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