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By Lawrence G. McMillan

The $SPX Index broke down through 4330 a week ago (Friday, September 22nd), tried to rally back above it for one more day and then gave way to a sharp selloff. Thus, 4330 was not only a crucial support level that has now been broken, but it is also going to serve as resistance. There are a number of things going on right now in the market, but as you can see, there is now a downtrend (red lines in Figure 1) -- lower lows and lower highs. That is a full-fledged bearish trend, not just minor correction.

There is resistance at the 20-day MA of $SPX, currently at 4410 and beginning to drop rapidly. There is a gap on the $SPX chart up to 4400, and that...

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