Free Weekly Stock Market Commentary 5/17/2024
By Lawrence G. McMillan
The last of our indicators to turn fully bullish was the chart of $SPX itself. Sometimes that happens, where $SPX is lagging the indicators, but now it has caught up. The move to new all-time highs by the Index was confirmed with a two-day close. Now, there should be support at or just below the breakout level in the 5230-5260 area, say.
Equity-only put-call ratios are finally both on confirmed buy signals for stocks. They will remain on these buy signals as long as they are declining.
