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Market Commentary

By Lawrence G. McMillan

Overbought conditions proved to be more than the positive charts of $SPX and $VIX could handle, and there was a sharp, but short-lived correction this past week. That correction ripped right through the first support level at 3090 on the $SPX chart. However, support held at 3070 near an area (3065- 3070) that had previously been support, so it is now reinforced.

Equity-only put-call ratios reached extremely overbought territory. Now, they have begun to visibly roll over and seem to be starting to rise. Thus, visually, they seem to have issued sell signals.

Market breadth oscillators are negative, too, with both being on sell signals at the...

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