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Market Commentary

By Lawrence G. McMillan

The strong bull run that took place throughout October and into early November is over. The break of support at 2070 was negative for $SPX. It could trade down to the 2000-2020 area in the short term.

Equity-only put-call ratios have remained on buy signals, even as $SPX has begun to falter. This perhaps indicates that the current decline is just a minor correction, and not something of a more intermediate-term nature.

Market breadth has been weak, which is not surprising since breadth has been a laggard for 15 months. Breadth oscillators are now on sell signals, but are already in oversold territory.

Volatility indices and...

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