fbpx Weekly Stock Market Commentary 6/28/2019 | Option Strategist

Weekly Stock Market Commentary 6/28/2019

By Lawrence G. McMillan

$SPX pulled back this week, partly because the market was overbought and also because the week after June expiration is a seasonally weak week. So far, it's just a normal pullback, with support at 2890-2900.

Equity-only put-call ratios remain strongly on buy signals. Their downward trajectory was not even fazed this week, as they held steady to their buy signals even while $SPX corrected a bit.

Market breadth continues to dance back and forth without getting extremely overbought or oversold. At this point, both oscillators are on buy signals.

$VIX has remained at somewhat elevated levels without actually turning bearish. So, as long as $VIX stays below 17, the stock market can still rise without concerns from volatility.

The intermediate-term outlook remains generally bullish as long as $SPX holds above support and $VIX does not break out to the upside.

This Market Commentary is an abbreviated version of the commentary featured in The Option Strategist Newsletter.

The Option Strategist Newsletter $29 trial

Share this

Option Strategist
Blog Search

Recent Blog Posts

Trading or investing whether on margin or otherwise carries a high level of risk, and may not be suitable for all persons. Leverage can work against you as well as for you. Before deciding to trade or invest you should carefully consider your investment objectives, level of experience, and ability to tolerate risk. The possibility exists that you could sustain a loss of some or all of your initial investment or even more than your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and investing, and seek advice from an independent financial advisor if you have any doubts. Past performance is not necessarily indicative of future results.
Visit the Disclosure & Policies page for full website disclosures.

-->