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Market Commentary

By Lawrence G. McMillan

The stock market continues its remarkable run, and it continues to look more and more like January 2018 every day. That's bullish news for the short term, but extremely negative news for the intermediate-term.

The $SPX chart has everything a bull could want: higher highs and higher lows, rising trend lines, and rising "modified Bollinger Bands" (mBB). The market is sort of outrunning support at the current time, but there is support at 3210, where prices bottomed out on several days in late December and early January. There should also be support in the 3180-3190 range (where the futures bottomed overnight, the night of the drone strike in Iraq)....

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