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Market Commentary

By Lawrence G. McMillan

It may seem as if the market is slowing down, but if it is, it's only in a relative sense. $SPX made new all-time intraday and closing highs on each of the last two days, and $NDX (QQQ) did the same. The Dow ($DJX; DIA) and Russell 2000 (IWM) are only one day removed from all-time closing highs.

All one really needs to know is that the chart of $SPX (and the others) remains strongly positive. The first support level is at 3725-3750. Below there, the next support area is 3630-3650.

Let's begin with the equity-only put-call ratios. They continue to be extremely overbought (that is, very low on their charts and not far from 20-year lows). They...

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