Free Weekly Stock Market Commentary 6/26/2026

By Lawrence G. McMillan

There has been a considerable amount of intraday volatility, but $SPX has not changed much in net closing price. There is major resistance at the all-time highs, 7600-7620. There is strong support in the 7250-7275 area. Those are marked with horizontal lines on the chart in Figure 1.

Also marked on that chart in Figure 1 is a triangle formation (pink lines) that show lower highs and higher lows. This formation is typically a precursor to a strong breakout, as long as it makes its move fairly soon. If the trading range action persists beyond the point of the triangle, then the process is voided.

Equity-only put-call ratios have continued to climb, as there has been steady put buying even on days when the market has risen. As a result, these ratios both remain on sell signals for the stock market. That will continue to be case until they roll over and begin to decline.

Breadth has been decent. NYSE breadth has consistently been better than "stocks only" breadth. Currently, the NYSE breadth oscillator is on a buy signal, while the "stocks only" breath oscillator remains on a sell signal.

The volatility-based indicators are quite bullish. First, the $VIX "spike peak" buy signal remains in place. In addition, the trend of $VIX buy signal is also still in place. In general, this bullish nature for stocks will continue as long as $VIX remains below 19.

In summary, we are seeing mixed buy and sell signals, while $SPX is consolidating in a triangle formation. Each of our trading systems and/or indicators has specific entry and exit points, so they can operate independently to some extent. The $SPX chart is neutral at this point, pending a breakout from the triangle that currently is in place.