McMillan Market Commentary

$SPX has rallied back into resistance, which extends up to 1315. This likely means that if $SPX blows through 1315, there will be a lot of short covering.

Equity-only put-call ratios showed a "wiggle" on their charts in the last two days. That isn’t enough to generate a buy signal, though.

$VIX has continued to decline ever since registering a spike peak buy signal last week. In fact, the decline has been so steep that this is really more of an intermediate-term buy.

The breadth indicators remain on buy signals.

In summary, the bulls seem to have things going their way, but with $SPX so close to the breakout point, I would prefer to see the final confirmations of a new intermediate-term uptrend before trading on it. A failure here would be very negative.

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