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Market Commentary

By Lawrence G. McMillan

The recent pattern of the markets has changed slightly. Yes, $SPX is continuing to make new all-time highs almost daily, but now NASDAQ ($NDX; QQQ) is catching up and the Dow ($DJX; DIA) is slowing down.

Almost all of our indicators are on buy signals as well, although a negative divergence in cumulative breadth should serve as a warning sign to avoid complacency. For $SPX, there is support near 3985 -- the level of the all-time highs in March, that was surpassed with the recent gap "up" days in the past week. A violation of 3985 would be a bit disappointing to the bulls but would not turn the $SPX chart negative. Below that is the larger support...

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