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Market Commentary

By Lawrence G. McMillan

$SPX pulled back to its still-rising 20-day moving average, which was at about 2870 and that was been about the extent of the correction. As a result, the chart of $SPX remains bullish, as the Index is still in an upward-sloping channel and no important support levels have been broken.

The put-call ratio charts are rather non-descript at this time, as they are meandering sideways. Technically, the standard ratio is on a buy signal, and the weighted is on a sell signal, but neither has been particularly productive for some time now.

Breadth has improved this week, but both breadth oscillators remain on sell signals. The sell signals from...

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