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Market Commentary

By Lawrence G. McMillan

Stocks continue to plow ahead to new all-time highs on the Standard & Poors 500 Index ($SPX). This has created some overbought conditions, but as of this time, there are no sell signals in place.

$SPX has support at the old breakout level of 2120-2135, so any correction should hold at that level. On the upside, we have targets of 2198 and 2226.

Equity-only put-call ratios continue to remain on buy signals. They are trending lower and beginning to reach the lower regions of their respective charts.

Breadth remains relative strong, and both breadth oscillators remain on buy signals as well, albeit in an overbought state.

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