Low voltage readings are almost always loose connections. Turn off the power and go thru the system and check all the connections. Make sure they're clean, tight, and secure. It could be either conductor.
What you need to do is check you power at the junction box for the lights.. Then remove the bulb and check your power at the light.. If you have 120v at the junction box but lower voltage at the light then your lights bad.. If you have lower voltage at your junction box you will need to find where it's starts to drop voltage and fix it there...
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