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Market Overview - Thursday, June 29

The Institutional Index is showing some short-term weakness. I think this chart confirms a short-term market downturn that probably started on Tuesday.

But, the PMO index has been in the oversold range for a few days. Generally, I think of these lows in the PMO index as buying opportunities, but I think this time it is indicating that the general market is ready for a medium-term correction.

This chart shows the SPX breaking the trend line, but holding the support level. When the SPX breaks down in this chart, then we have the possibility of a broader...