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By Lawrence G. McMillan
The broad stock market continues to plow ahead, as $SPX has made new closing or intraday all-time highs on 10 of the last 14 days, including the last two. Thus, momentum is strong and the $SPX chart remains bullish.
There is a modest support level at 3065 (the early November lows) and a more valid support at 3025-3030 (the previous all-time highs). It would be disappointing for the bulls to see 3025 taken out.
Equity-only put-call ratios are plunging, as call activity has been extremely strong (at least in relationship to put activity). You can see from Figures 2 and 3 that the ratios have now descended to the lowest point on these charts....