By Lawrence G. McMillan
Despite some positive signals, the news events and market worries have swamped stocks with wave after wave of selling in the past few days.
The Standard & Poors 500 Index SPX -2.21% has fallen over 100 points since Nov. 15 (the entire 100-point gain that we traded via the total put-call ratio buy signal has been wiped out). Support levels at 1,220 and 1,190 have been taken out, and the chart is now bearish. There is support in the general neighborhood of 1,100, but you may recall that the last time SPX descended to that level, action was very frothy and technical levels were violated at will.
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