McMillan Market Commentary 3/31

$SPX has not made new highs (yet), but it has broken out above the 20-day moving average, the downtrend line from the highs, and the short-term resistance that had developed in the 1300-1320 area.

Equity-only put-call ratios have rolled back over to buy signals, which is a very significant positive intermediate-term development.

Breadth oscillators — which are the most sensitive indicator of this group — turned to buy signals over a week ago, and have remained on those buy signals ever since.

The trend of $VIX is back to being sideways-to-down, which is bullish for stocks in general.

In summary, the major indicators are all back on buy signals, and that constitutes an intermediate-term buy signal for the stock market.

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Larry McMillan