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By Lawrence G. McMillan

$SPX bounced off of strong support at 2800 on Tuesday, and then fell back from resistance at 2890-2900 on Thursday, so for now $SPX is in trading range between 2800 and 2900 (roughly). I don't expect that range to last long, and a breakout either way is probably going to gather momentum quickly.

Perhaps the most bearish indicators in our arsenal at the current time are the equity-only put-call ratios (Figures 2 and 3). Put volume has been heavy all week, despite the 90-point rally off the 2800 level. As a result, these ratios are racing higher, and that is bearish for stocks.

Market breadth has jumped around madly. When the market sold off,...

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