Free Weekly Stock Market Commentary 3/6/2026

By Lawrence G. McMillan

The bulls are fiercely defending the 6720 area, which is the lower end of the trading range and is also the December low. The bottom line is that swing traders who are buying the 6700- 6800 area and selling the 6900-7000 area continue to profit, while traders waiting for a momentum breakout are increasingly frustrated.

There are two areas that are showing a growing sense of fear in the marketplace equity-only put-call ratios and the implied volatility ($VIX) complex. Both are rising, and that is generally a bad sign for stocks.

Equity-only put-call ratios continue to rise, as one can observe from Figures 2 and 3. As long as that is the case, they are portraying a negative outlook for stocks. This will persist until these ratios roll over and begin to trend downward.

Breadth has tried to hang in there with some positive readings, but the largely negative breadth days of Mar 3rd and 5th (and likely the 6th as well), have rolled both breadth oscillators back over to confirmed sell signals.

The implied volatility complex -- $VIX and its associated trading products -- is pretty much in disarray right now. Maybe not completely on sell signals, but certainly in disarray.

We are seeing market worries manifest themselves in terms of increasing put-call ratios and increasing $VIX. Currently, we have a pretty good trigger point for a bearish move: the lows of the trading range. if there is a close below 6720 by $SPX, the bears will be charge.