Free Weekly Stock Market Commentary 4/24/2026

By Lawrence G. McMillan

Several of the major indices ($SPX, $NDX, and $RUT) have made and held new all-time high ground recently. Pullbacks have been small, and it appears that there is still an appetite for buying, despite what might be worries from the Middle East. There is support for $SPX at 7000 (the previous highs). It would not be ideal for the bullish case to see $SPX pull back below 7000, for that would raise the possibility that the upside breakout was false. But, if it did, there should be support near 6750 and then stronger support near 6600.

Equity-only put-call ratios continue to decline at a rapid pace. There have been several days recently where call buying was heavy, and that is forcing the ratio lower even faster. As long as these ratios are declining, that is a bullish sign for stocks. There would only be trouble if the ratios were to roll over and begin to trend higher.

Breadth has been relatively strong in general, although there has been some faltering in the last three days. Regardless of that, the breadth oscillators are remaining on buy signals at this time. The extreme overbought conditions that we previously had seen in these oscillators has been worked off.

Normally, with $SPX making new all-time highs, we would expect to see $VIX at 15 or even less. However, that has not been the case. $VIX has been the one area that has retained some bearishness. Traders are still leery enough of the Iran situation that they are paying up for $SPX puts. That in turn elevates $VIX, so we have recently seen $VIX climb back above its 200-day moving average.

So, we have a strong set of bullish indicators, with but one sell signal and a few overbought conditions. Thus, we are retaining a bullish posture, but will take any confirmed signals as they come along. Moreover, it is important to continue to roll deeply in-the- money call positions upwards to higher strikes where appropriate.