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By Lawrence G. McMillan

Finally, $SPX has broken out over the heavy resistance at 2820. The breakout wasn't as resounding as expected, and we are in the process of retesting the breakout zone (2800 is the low end of the zone). A close back below that level would be very negative at this time.

The equity-only put-call charts are good examples of what we are seeing in several areas: technical indicators are struggling to stay positive after this long bullish run in the market. Both of these put-call ratios gave terrific buy signals in early January, and they declined steadily as the market rallied. But now they are wavering. In both cases, the computer analysis programs "say...

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