By Lawrence G. McMillan
The rally continues to push to new all-time highs in most of the major broad-based indices ($SPX, $OEX, Dow, etc.). The advance has been so straight and fast that it hasn't left any support levels in its wake. The only one was at 2001, so a pullback below 2000 would be negative.
Equity-only put-call ratios are solidly on buy signals, and they don't look like they will be reversing anytime soon. The ratios are dropping steadily on their charts, and as long as they continue to decline, that is bullish for stocks.
Market breadth has stayed positive on the way up, so the breadth oscillators remain on buy signals.
Volatility indices remain calm -- drifting sideways to lower. As long as $VIX remains flat to lower, stocks will continue to rally.
In summary, the indicators remain bullish at this time. Some negatives are beginning to appear, but there are no confirmed sell signals.
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