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Market Commentary

By Lawrence G. McMillan

A decoupling of sorts has appeared in the market this past week. It's a bit reminiscent of the "Nifty 50" group back in the 1970's, but if today's version of those high-flyers really does have a serious correction, it will drag everything down with it, just like it did in 1973-74.

Meanwhile, on the $SPX chart in Figure 1, I've only marked a importance at this time. The two support areas are very important. The first is at approximately 3330-40. If that is violated, then that could then target the next support area, which is at 3210-3220.

Equity-only put-call ratios last gave a well-defined signal when they generated sell signals in mid-...

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