Weekly Market Commentary

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.

Larry McMillan