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By Lawrence G. McMillan

$SPX continued its phenomenal post-Christmas rally (which to date has registered over 400 points of gains), but has still not broken through resistance at 2820. Unless that happens, the next peak on the chart will still be a lower high, and the $SPX chart will still have a negative tilt to it.

Equity-only put-call ratios remain solidly on buy signals. The weighted ratio has fallen faster than the standard ratio, and it is already down to the lower third of its chart. Regardless, these ratios will remain on buy signals until they roll over and begin to rise.

Market breadth continues to be strong. The oscillators remain strongly on buy signals...

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