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By Lawrence G. McMillan

The main thing to keep in mind is that $SPX has not broken down below support at 2800. It was tested -- more or less -- once again yesterday and has held so far. A close below 2800 would be very negative from the viewpoint of the $SPX chart.

Overheard, the major resistance on the $SPX chart is the double top at the all-time highs. More than one bear market has started from a similar pattern.

Equity-only put-call ratios remain strongly on sell signals. They are continuing to rise daily, and they are really not far up their charts yet -- meaning there is plenty of room to go before they become "oversold."

Breadth has been poor of late,...

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