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By Lawrence G. McMillan

This week, $SPX overcame the previous resistance at 3155 and appeared ready to take off. But then it faltered again, at roughly the 3185 level. Hence it is still in a trading that extends from 2920 to 3230. A decisive breakout of that range in one direction or the other will likely signal the next large directional move.

In contrast, NASDAQ has been much stronger than $SPX. The NASDAQ Composite made a new all-time high on June 5th and a new all-time closing high the next day. Since then, it has closed at a new(er) all-time high nine times, including five of the last six trading days.

Equity-only put-call ratios remain on sell signals. At...

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