By Lawrence G. McMillan
Price action -- via the $SPX chart -- and volatility have remained bullish. We have often said that price is the main indicator and that has certainly been the case this time.
Equity-only put-call ratios turned bearish a little more than a week ago and remain on sell signals.
Market breadth has generally been weaker than the market until very recently, but now the breadth indicators are rolling back over to buy signals.
Volatility indices ($VIX and $VXO) continue to remain in the bullish camp. They are hovering at very low levels.
In summary, despite some sell signals from breadth and put-call ratios, price action has remained bullish (as has volatility). So unless prices break down or volatility breaks out, the outlook remains positive for stocks.
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