Weekly Market Commentary 6.20.14

Once again we see that nothing really can stop this bullish market.
This week, there were three separate pieces of news/data that
theoretically could have done so, but they had little effect.
So $SPX is now trading at new all-time highs. The “old” support
level at 1900 is still in place, and now there is support at 1925
(last week’s lows).
lm 6 20 spx

Equity-only put-call ratios remain solidly bullish, although
they are very low on their charts (Figures 2 and 3) and are thus
reaching overbought status.
lm 6 20 1 pc21

Market breadth indicators moved to the brink of sell signals, but
those sell signals did not materialize.  Now, they are strongly overbought once again.
lm 6 20 2 pc21_w

Volatility indices ($VXST, $VIX, and $VXV) are trading at very low
levels.  However, the market can continue to rally while this is the case. $VIX came close to giving a sell signal this week (i.e., it came close to rising above 13), but it did not.
lm 6.20 vix

In summary, all of our indicators are bullish (there are no sell
signals in place at this time), and we thus remain intermediate-term bullish.  Overbought conditions might produce a sharp, but short-lived correction at any time.