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Market Commentary

By Lawrence G. McMillan

The pace of the market's advance has slowed from the torrid run that it had between March 26th and April 16th, but $SPX is still making new all-time highs almost every day.

$SPX has three major support levels, all noted with horizontal red lines on the chart in Figure 1: 4120 (which is the daily lows of several days during April), 4000 (which was the March high), and 3850-3870 (which is the area from which the current leg of this bull market rally emanated on March 26th.

Equity-only put-call ratios continue to decline, and so they remain bullish indicators for the stock market. The buy signals at the end of March have matured into decent...

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