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By Lawrence G. McMillan

For now, $SPX has tentatively found support near 4435. But that only occurred this week, so it is hardly seasoned or tested. The first truly tested support area is still the major one at 4370, and that is not too great of a distance from today's levels. As long as the support at 4370 holds, the bulls are still in control although it might not completely seem like it right now. A violation of that support area, though, would change things in a negative manner.

Equity-only put-call ratios are split in their outlook at the present time. The standard ratio (Figure 2) has been declining and thus has been on a buy signal since early August. It just...

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