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By Lawrence G. McMillan

The pullback in stocks over this past week closed the third and final gap of the Oct 10th-12th buying spree, and $SPX came all the way back down to the breakout level of 3425-3430. It has bounced off of there for now, and so this might merely be a sort of classic pullback to test support and then move higher. As long as $SPX remains above 3400, its chart has a bullish slant to it.

Equity-only put-call ratios continue to move lower, despite the market's selloff in the past ten days. Hence, they are on buy signals, albeit in rather deeply overbought territory.

Strong breadth had been one of the underpinnings of the rally from September 23rd to...

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