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By Lawrence G. McMillan

The $SPX chart remains bearish. There is support at 2825. There is probably stronger support at 2720-2730, the area of the March and May lows. As for resistance, the major resistance area remains 2940-2950, which is not only the recent tops, but is also the psychological resistance caused by the fact that the July 2019 activity look like a false upside breakout to new all-time highs.

The equity-only put-call ratios remain on sell signals (Figures 2 and 3).

Market breadth has improved quite a bit over the past week, and both breadth oscillators rolled over to buy signals on August 16th. However, it has been a struggle to maintain these bullish...

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