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By Lawrence G. McMillan

The broad stock market has broken out over major resistance at 4170 and should now be ready to challenge the 4300+ level. It is imperative for the bulls that these recent gains be held. That is, if $SPX were to slide back below 4170, that would be modestly negative, and if it fell below 4070, that would be extremely bearish.

The current broad market rally, which began in mid-June has been strong and has been accompanied by buy signals from many of our internal indicators. Those indicators are now getting overbought, but there has not been a confirmed sell signal yet.

Equity-only put-call ratios remain strongly on buy signals, as both ratios...

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