By Lawrence G. McMillan We continue to see articles almost daily about the potential negatives in this market – especially in volatility. Yet all these are really doing is identifying overbought conditions. The market can continue to advance for a long time while it is overbought. That’s why Keynes’ statement remains true: the market can remain irrational longer than you can remain solvent. In this case, “irrational” is “going up too long” and solvency applies to short sellers. But you get the idea. A more novel thought might be this: “Has this extended trading range with worsening internals allowed the market to ‘correct’ without $SPX actually going down?” It has happened in the past (1994 comes to mind). In that vein, it is often the case that the sitting administration attempts to bolst

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on October 5, 2026. https://www.youtube.com/embed/xdnkx0g38Gg$GOTU$ 

$TVIX$ $UVIX$ $DECP$  By Lawrence G. McMillan The stock market continues to be range-bound. $SPX is still solidly between support at 7580-7620 and resistance at 7780-7820. Those are the two red horizontal lines on the graph in Figure 1. Market internals continue to be poor, causing some of them to reach oversold status. Let's start with the equity-only put-call ratios (Figures 2 and 3). They remain split in their signals. The standard ratio is still slowly climbing, thus keeping its sell signal in place. The weighted ratio rolled over and began to decline a little over a week ago, so it is on a buy signal. Breadth has continued to be poor. Most day

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on September 28, 2026. https://www.youtube.com/embed/FWgycauj1kU$GOTU$ 

$NVDA$ $AAPL$ $MSFT$  By Lawrence G. McMillan It is said that a bull market climbs a Wall of Worry. In the modern context, this statement remains true of course, but also encompasses $VIX. In the past weeks, we have published a few articles detailing just how many articles are circulating in the financial media about the forthcoming $VIX explosion. That hasn’t happened yet, by the way, and probably won’t until people get more complacent about the current price of $VIX (and the stock market, as well). Of course, the Wall of Worry extends to other sectors of the market. Here’s a relatively new one. The S&P 500 is too concentrated – not just in a

$DECU$ $QQQY$ $XDTE$  By Lawrence G. McMillan This market continues to be one with a huge split between the technical indicators. The market internals (breadth, put-call ratios, New Highs vs. New Lows) remain in terrible shape. However, the $SPX chart itself has regained a positive stance, with last Monday's gains breaking through the downtrend line that had existed. Moreover, the various indicators surrounding $VIX remain positive. $SPX broke above the downtrend line on its chart (the purple line in Figure 1) and attempted to reach the all-time highs at 7820. It didn't quite do so and has now fallen back a bit. So there is resistance at 7780-7820.

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on September 21, 2026. https://www.youtube.com/embed/WCla3c1x-MI$GOTU$ 

By Lawrence G. McMillan This past week saw further deterioration -- by the $SPX Index as well as the internal indicators. $SPX sold off, but then tried to snap back with a big rally on Thursday, but it is not all that convincing. But, in reality, the 100-point rally just seemed to be an oversold rally. It didn't even reach the declining 20-day Moving Average, much less challenge the downtrend (purple) line on the chart. The rally did accomplish one thing, though: it pushed $SPX back up into that support area. So, technically there is still support there, or slightly below. The market internals have been terrible. Specifically the "market internals" as far as our indicators go, are 1) equity-only put- call ratios, 2) breadth oscillators, and 3) New Highs vs. New Lows on the NYSE. All three

By Lawrence G. McMillan We’re excited to introduce McMillan Morning Market Commentary, a new subscription designed to give traders and investors a concise look at the broad stock market and our current market outlook at the start of the trading day. The commentary brings together four of the key areas we use to evaluate market conditions: S&P 500 ($SPX) price action, volatility ($VIX), equity-only put-call ratios, and market breadth. We’ll highlight important support and resistance levels, changes in our indicators, significant overnight developments, and the signals we believe are worth watching. Rather than simply recapping what happened, the goal is to provide perspective on where the market stands and what we’re watching next. Try It Free for 7 Days To introduce the new service, we

$UVXY$ $VXX$ $TVIX$  By Lawrence G. McMillan As we’ve been commenting for a couple of months now, “everyone” is expecting a rise in $VIX.  In classic stock market contrarian fashion, $VIX has steadfastly remained at low levels – countering the majority opinion and frustrating volatility bulls.  That would include us, to some extent, although it is not surprising to me to see the market act in a way that causes the majority to be wrong.  That was our point in the article we wrote in last week’s newsletter. So what do we do now?  There is still potential for a $VIX increase and a market breakdown, although some cynics point out tha

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on September 14, 2026. https://www.youtube.com/embed/7xy89tkGkCw$GOTU$ 

$TVIX$ $UVIX$ $DECP$  By Lawrence G. McMillan Stocks continue to slip after having made new all-time highs on August 14th. The 7600 support level for $SPX has now come under attack, and it was briefly violated yesterday. Today, however, the CPI number although "in line" was interpreted as a huge relief, and the market is rallying strongly. So support extends down to 7580 or so. The general support area is now 7580 7620. Overhead, there is a downtrend line on the $SPX chart (see Figure 1) that extends from the August 14th high through the last rally's high near 7750. For the bulls to reclaim control, $SPX needs to break out over 7770 or so. There is

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on September 8, 2026. https://www.youtube.com/embed/bwA7adh28pA$GOTU$ 

$TVIX$ $UVIX$ $DECP$  By Lawrence G. McMillan After making new all-time highs on August 14th, $SPX has struggled a bit. There is a very minor downtrend line on the chart right now, after a series of negative days accompanied in general by terrible breadth. That pullback seems to have culminated with a retest of the 7600-7620 support level this past Tuesday, September 1st. That support level is marked with a thick red horizontal line on the $SPX chart in Figure 1. If it gives way, a much more negative picture will emerge, but so far support has held. As for resistance, one can see (from the same chart), that there is a minor downtrend line in place

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on August 31, 2026. https://www.youtube.com/embed/CbJmRswGMA0$GOTU$ 

$NVDA$ $DECU$ $TVIX$  By Lawrence G. McMillan Traders were a bit leery of some potentially volatile events this week, but so far they have not proven to be troublesome. The NVIDIA (NVDA) earnings were positive, and the stock rose. That was a relief to the market. Also, Fed Chair Warsh made the Keynote Address at the Jackson Hole Monetary conference this morning. The market's reaction is muted. There is still resistance at 7740 to overcome (blue horizontal line on the chart in Figure 1), but that is certainly doable. There is major support in the 7600-7640 area, which not only is the level of the previous all-time high, but is also where a gap exist

$GOTU$  By Lawrence G. McMillan Yesterday, I joined the team at tastylive for a conversation about the current market, some of the strategies I’m trading today, and how my approach to options has evolved over the years. We started with the broad market. I remain cautiously bullish, particularly as long as the S&P 500 holds above the 7,600 level. The subdued $VIX and positively sloped volatility term structures are also encouraging, although breadth and new highs versus new lows remain somewhat shaky. From there, we got into some of the strategies I’ve been using recently, including 0DTE index options, put credit spreads combined with upside calls, broken-wing butterflies, and rolling positions as the market moves. We also spent some time

$SMP$  By Lawrence G. McMillan McMillan has joined INVST — and the research, advisories, data, and market analysis you rely on will continue. We recently announced an important new chapter in McMillan’s history: INVST has acquired McMillan. For our longtime subscribers, customers, and readers, we want to start with the most important point: McMillan isn’t going away. The research, market commentary, options expertise, advisories, data, indicators, and educational resources that McMillan subscribers have relied on for decades will continue. Larry McMillan and the McMillan team remain actively involved, and our commitment to disciplined, research-driven options analysis remains unchanged. Why INVST? McMillan has always approached the market

$SMP$  By Lawrence G. McMillan We’re excited to announce that INVST has acquired McMillan, bringing together two firms built on a shared belief in disciplined investing, deep expertise, and putting clients first. Founded by Larry McMillan, McMillan has spent decades at the forefront of options strategy, investment research, and risk management. Larry’s Options as a Strategic Investment has sold more than 300,000 copies, and the McMillan team has built its reputation around a repeatable, rules-based approach to managing risk and opportunity. Now, that expertise becomes an integrated part of the INVST investment team. For INVST clients, this means greater access to sophisticated options and risk-management strategies, additional resources for ad

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on August 24, 2026. https://www.youtube.com/embed/Uuo6LHxdZA4$GOTU$