By Lawrence G. McMillan
$SPX broke out on June 29th, and has since added togains, exceeding the early June highs. This creates the bullish pattern of higher highs and higher lows on its chart. $SPX could easily challenge resistance at 1390-1400 in the immediate future.
Equity-only put-call ratios remain on buy signals.
Market breadth was very strong again, and now the breadth indicators are on buy signals but are quite overbought.
By Lawrence G. McMillan
In a somewhat classic move, “everyone” was bearish and yet the market broke out to the upside. The most recent upside move kicked off in earnest last Friday, after yet another apparent agreement in Europe.
By Lawrence G. McMillan
$SPX is back down into its previous trading range. The broadest measures of the $SPX trading range now show support at 1270 (the early June lows) and resistance at 1360 (the mid- June highs). There is also support at 1305-1310, where $SPX has registered daily lows several times this month. The 1335-1340 area is now resistance once again.
Equity-only put-call ratios remain on buy signals.
At the current time, breadth indicators are on buy signals as well.
By Lawrence G. McMillan
So for the second time in four days, a severe down day was followed by a tepid rally. This is hardly bullish inspiration. $SPX sits almost exactly in the middle of the month's lows (1270, roughly) and highs (1360). There should also be support in the 1305-1310 area.
By Lawrence G. McMillan
The stock market had just about everything going for it in technical terms this week, but then the fundamentalists delivered a nasty blow today (Thursday, June 21st). Technically $SPX is just below the support level of 1330-1340.
Equity-only put-call ratios remain on buy signals, despite Thursday's large decline.
Market breadth was very poor on Thursday. As a result, both breadth oscillators registered sell signals.
By Lawrence G. McMillan
MORRISTOWN, N.J. (MarketWatch) — The stock market has an extremely impressive set of buy signals going for it. If the bulls can’t capitalize on this, it’s not clear if they ever will.
By Lawrence G. McMillan
he technical picture continues to improve -- especially in the area of put-call ratios. However, $VIX is still elevated and $SPX is still trapped in a trading range. We need to see improvement in those areas before intermediate-term buy signals can emerge. $SPX is trapped in a trading range, with resistance at 1330-1340 and support at 1305.
Equity-only put-call ratios have now confirmed their buy signals.
By Lawrence G. McMillan
The stock market has virtually alternated strong up and down days of late, without much net change. This has created a trading range, within which we’ve seen a good deal of improvement from several of our technical indicators. Even so, the market must confirm these indicators’ buy signals with an upside breakout. Failure to do so would essentially negate those signals.
By Lawrence G. McMillan
After some relatively heavy, but orderly, selling in the past few weeks, oversold conditions finally reached levels that spawned a sharp oversold rally. But oversold rallies, while often unexpectedly strong, are generally short-lived affairs. There is certainly a good chance that this is the case again this time.
$SPX was able to rally to its declining 20-day moving average. There is further resistance at 1340.
By Lawrence G. McMillan
After some relatively heavy, but orderly, selling in the past few weeks, oversold conditions finally reached levels that spawned today’s sharp oversold rally. But oversold rallies, while often unexpectedly strong, are generally short-lived affairs.
Is that going to be the case again this time, or is the bottom in place? It’s too early to answer that question, but we’ll lay out the criteria as we see them.
