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Market Commentary

By Lawrence G. McMillan

Bulls have been totally dominant again, over the past week (and really since last November). The gap upside breakout over the minor downtrend line (blue line in Figure 1), on July 12th, was once again the beginning of a strong upward move. This was similar to the previous upside breakout gap over a downtrend line, in late April. The $SPX chart is thus strongly bullish and will remain that way until support at 2400 is broken.

Equity-only put-call ratios officially rolled over to buy signals in the past week. Both buy signals are marked on the charts in Figures 2 and 3. You can see that these buy signals came from relatively low levels on their...

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