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By Lawrence G. McMillan

On Monday, January 4th, the new year got off to a rocky start as selling built and exploded into a 90+ point selloff in $SPX. However, the decline bottomed at 3662, and the market has been rallying ever since. That brief selloff seems to have rejuvenated the market, and not only are new all-time highs being made, but they have been accompanied once again by rapidly expanding breadth.

When $SPX bottomed on Monday, it was just above the previously noted support area of 3630 3650. So that entire area is now important support.

Equity-only put-call ratios continue to rise, and thus they are on sell signals. However, we have not acted on these sell...

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