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Market Commentary

By Lawrence G. McMillan

Stocks are in a severe short-term downtrend at the moment, spurred fundamentally by Inflation and Interest rates. Technically, the $SPX chart remains bearish in a number of ways. First and foremost, the downtrend lines on the $SPX chart are stark evidence that this is a bear market. For that reason alone, one should be maintaining a "core" bearish position. There is support at 3637, the year-to-date lows, but if that is taken out, heavy selling could materialize quickly, creating an even MORE oversold condition.

Equity-only put-call ratios continue to rise -- especially the weighted ratio. That ratio in particular is now in deeply oversold territory...

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