By Lawrence G. McMillan There has been a considerable amount of intraday volatility, but $SPX has not changed much in net closing price. There is major resistance at the all-time highs, 7600-7620. There is strong support in the 7250-7275 area. Those are marked with horizontal lines on the chart in Figure 1. Also marked on that chart in Figure 1 is a triangle formation (pink lines) that show lower highs and higher lows. This formation is typically a precursor to a strong breakout, as long as it makes its move fairly soon. If the trading range action persists beyond the point of the triangle, then the process is voided. Equity-only put-call ratios have continued to climb, as there has been steady put buying even on days when the market has risen. As a result, these ratios both remain on sell