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By Lawrence G. McMillan

Stocks have been down and volatile for the last week -- an unusual time of the year for that to be the case. The new omicron COVID variant is being blamed, but that was merely the catalyst for unleashing a lot of selling that has been building up. Market internals have been deteriorating for a long time.

The $SPX chart turned negative when it broke below 4630 on November 26th. In order for that chart to return to bullish status, $SPX is going to have to break out to new all-time highs (or work much lower and build a base). As a result, the entire area from 4630 up to the 4705 level is resistance. There is support in the 4500 - 4550 area. If that...

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