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Market Commentary

By Lawrence G. McMillan

$SPX has now traded at a new all-time intraday high for the last three days, and it closed at a new all-time high the last two. Those new highs have been confirmed by some of the other indicators, but some are still on sell signals. $SPX has support at 1950, and that has proven to be very strong.

Equity-only put-call ratios remain on sell signals. They have been steadily rising for nearly two weeks.

Market breadth has NOT been strong for the last couple of weeks. One would have expected breadth to confirm the move in $SPX, and the fact that it has not is a bit troublesome.

Volatility indices ($VXST, $VIX, and $VXV) have had a very...

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