By Lawrence G. McMillan
Stocks have rallied to the top of the bullish $SPX channel (see chart, Figure 1). The top of the channel is at about 1410 currently, and the yearly highs are at 1420. So, that area is likely to provide some resistance for now.
Meanwhile, equity-only put-call ratios remain bullish.
Market breadth indicators are on buy signals, having reversed negative signals from the previous week.
Volatility indicators have been the most steadily positive bullish factors. For one, the volatility indices ($VIX and $VXO) remain in steady downtrends.
In summary, the indicators remain bullish, and so we expect the market to continue advancing for the intermediate-term.
Sign up for The Option Strategist Weekly Updater to receive this market commentary delivered to your inbox each Friday for free.
© 2023 The Option Strategist | McMillan Analysis Corporation