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By Lawrence G. McMillan

The bears have a tight grasp on this market right now, which is a bit surprising since it is so late in the calendar year. Typically by this time, even in bear markets, there is something of a year- end rally.

New post-October lows were established this week when $SPX traded down to 2583 on Monday. That confirms that this is a bear market, in case you had any doubts.

Resistance has developed near 2680, which is just below the declining 20-day Moving Average. The larger resistance area is the one at 2800-2820. If $SPX were to rise above there, then the bear market would no longer be in existence.

On the downside, there is support in the...

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