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Market Commentary

By Lawrence G. McMillan

The chart of $SPX is the least bullish of the indicators. SPX remains in the 2040-2135 trading range that has bound it for most of this year. Basically this is a neutral chart.

Put-call ratios are much more encouraging. A strong buy signal has been generated by the standard put-call ratio (Figure 2). The weighted equity-only put-call ratio is also bullish (Figure 3).

Market breadth remains mixed, with the NYSE-based indicator now on a buy signal, but the "stocks only" is not.

Volatility continues to be the most bullish indicator. Recently, $VIX generated a "spike peak" buy signal as of the close of trading on Monday (July 27th)....

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