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Market Commentary

By Lawrence G. McMillan

In some ways, the market has recently shown a good deal of strength. But in other ways, it has to do more to overcome the intermediate-term bearish trend that still exists.

This week, $SPX finally broke upward out of the "box" that had been containing prices since March 26th (marked in red in Figure 1). However, the real test will come at 2750. If the rally can't break out above there, the $SPX chart will still be in a bearish downtrend.

Both equity-only put-call ratios are now on confirmed buy signals this week. The weighted signal is coming from a very oversold condition, but the same thing happened in early March, and the market tanked...

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