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By Lawrence G. McMillan

Currently, the dominant theme of the $SPX chart is its downtrend.  There is now resistance at 1330, and above that, at 1345.

The equity-only put-call ratios have steadfastly remained bearish since rolling over to sell signals in mid-to-late April.  As long as they are rising, that is bearish for stocks.

At the current time, breadth indicators are on sell signals.

$VIX is still in the process of rising off of its recent lows.  If it closes above 19, that would be negative.

In summary, the big picture is that the market is still in an intermediate-term downtrend.

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