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Market Commentary

By Lawrence G. McMillan

Stocks (as measured by the $SPX Index) have had plenty of chances to collapse or to rally to new highs. Instead they have done neither, frustrating both bulls and bears.

In looking at the $SPX chart, two things stand out to me: 1) there is still a downtrend in place, from the all-time highs on March 1st, and 2) the support level at 2322 remains untested and thus is important.

The equity-only put-call ratios are mixed with the standard ratio being on a buy signal, while the weighted ratio is on a sell.

Market breadth hit a rough patch this week and because of that, both breadth oscillators rolled over to sell signals, despite positive...

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