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Market Commentary

By Lawrence G. McMillan

The market is in a stair-step pattern lower. This is a relatively orderly decline, compared to the "smashes," if not "crashes," of Feb 2018, Oct 2018, Dec 2018 and March 2020. But the bears are in charge now that the 3280 level has been broken.

Below here, there might be support at 3150 and then at the still-rising 200-day moving average, at 3100. The 3310-3330 area and then 3425 above are the important resistance levels at this time. Equity-only put-call ratios (Figures 2 and 3) remain solidly on sell signals, at they continue to rise out of massive, multi-year overbought conditions that had existed at the beginning of September.


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