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Market Commentary

By Lawrence G. McMillan

The stock market has split into two parts recently. Most of the major averages are moving sideways, but staying within easy range of new all-time highs. The NASDAQ Composite, however, and its smaller companion the NASDAQ-100 ($NDX) have been making new all-time highs frequently. This should be a good thing.

The $SPX chart remains bullish in that its trend lines are sloping upwards and support has held. There is support at 2233, and then at 2210 and 2190 below that.

A bearish development has taken place in the equity-only put- call ratios, as both have rolled over to confirmed sell signals. Market breadth continues to bounce back and...

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