By Lawrence G. McMillan
The market has gone dull after making new all-time highs. The chart of $SPX remains bullish, in that it remains above support.
Equity-only put-call ratios remain bullish as well. They continue to decline on their charts, yet they are not so low as to be considered overbought.
Market breadth has been a problem for some time now. Both breadth oscillators rolled over to sell signals this week, and both remain there at this time.
The volatility indices have crept higher this week, but they still remain in a downtrend, and that is bullish for stocks.
In summary, the intermediate-term outlook is still bullish, but it wouldn't take much to change that. A confirming move lower by $SPX or higher by $VIX, would be a sign that the outlook has changed to bearish.
This Market Commentary is an abbreviated version of the commentary featured in The Option Strategist Newsletter.
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