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Market Commentary

By Lawrence G. McMillan

This market is still akin to a runaway freight train. The momentum is strong and positive, and there are no confirmed sell signals at this time. This has made the market "overbought" in a general sense, but subscribers know that "overbought does not mean sell." Only confirmed sell signals mean "sell."

The $SPX chart remains strong. The Index has risen so far, so fast, that support levels are quite far below current levels. The first real support level is the March highs, which have not been retested. That support level is at 3990. Below that support level, there is stronger support at 3850-3870.

Meanwhile, the equity-only put-call ratios...

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