By Lawrence G. McMillan This week, $SPX has tried to break out over the top of the triangle formation that has inhibited price movement since early June. Indicators have improved somewhat, so that is certainly a possibility. However, the next resistance level at 7600-7620 is the all-time highs, and there would need to be a clear breakout over that level in order to turn the $SPX chart to a fully "bullish" status. There is support at 7420 (tested briefly a couple of times in the past week), with strong support at 7300, near the bottom of the triangle. A move below 7300 would be quite negative, and would probably indicate a quick test of longer-term support in the 7050- 7100 area. Equity-only put-call ratios have been rising for over a month, and that is a bearish weight on the stock market.

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$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on July 6, 2026. https://www.youtube.com/embed/VpZH4zOHnhY$GOTU$ 

By Lawrence G. McMillan The market continues to consolidate in the triangle formation that we had pointed out previously. It is currently trying to break out on the upside. The pink lines on the chart in Figure 1 define the triangle. In a broad sense, a breakout above 7500 would be positive, or a breakdown below 7300 would be negative.   The equity-only put-call ratios are still rising (see Figures 2 and 3). That is, even though $SPX has rallied over the past few days, traders are still buying puts as hedges, if not necessarily for pure speculation. In either case, these ratios will remain on their sell signals for the stock market until they roll over and begin to decline.   A more positive note has been the improvement in breadth recently . The NYSE-based breadth oscillator has

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on June 29, 2026. https://www.youtube.com/embed/4EMV9dQZBls$GOTU$ 

By Lawrence G. McMillan There has been a considerable amount of intraday volatility, but $SPX has not changed much in net closing price. There is major resistance at the all-time highs, 7600-7620. There is strong support in the 7250-7275 area. Those are marked with horizontal lines on the chart in Figure 1. Also marked on that chart in Figure 1 is a triangle formation (pink lines) that show lower highs and higher lows. This formation is typically a precursor to a strong breakout, as long as it makes its move fairly soon. If the trading range action persists beyond the point of the triangle, then the process is voided. Equity-only put-call ratios have continued to climb, as there has been steady put buying even on days when the market has risen. As a result, these ratios both remain on sell

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on June 22, 2026. https://www.youtube.com/embed/NmRNToFnjj0$GOTU$ 

$TVIX$ $UVIX$  By Lawrence G. McMillan The market bounced back from its brief correction in early June, but $SPX has not yet recovered to new all-time highs. As a result, the $SPX chart itself is in a neutral state right now bound by resistance at 7600 (the all-time highs) and support at 7257 (last week's lows), with further support in the 7050-7175 range from late April. There was a gap on the $SPX chart that was filled yesterday, so it is no longer relevant. Many of our indicators are taking on a more positive tone, but not the equity-only put-call ratios which continue to rise. That is a bearish signal for the stock market when these ratios are trending higher. It seems that traders are buyin

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on June 15, 2026. https://www.youtube.com/embed/8Ucy1evEvxA$GOTU$ 

By Lawrence G. McMillan In all, the correction from the early June highs to the lows of this week was about 5%. That was enough to at least temporarily remove the "bullish" designation from the $SPX chart. The Index has now fallen below its 20-day moving average, and there is resistance in the 7500-7520 area. A rise back above that area might be enough to restore the bullish scenario, but for the now the index is in a short-term negative trend. There is support at this week's lows, 7237. Furthermore, there is a stronger support area in the 7050-7175 range, where $SPX traded in the latter half of April. Finally, there is major support at 7000, which had been resistance all during January and February. A decline below 7000 would be very negative for the chart and for stocks in general. Equit

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on June 8, 2026. https://www.youtube.com/embed/rQ2yUDWxYYk$GOTU$ 

$MVB.AU$ $CVB.AU$ $TVIX$  By Lawrence G. McMillan The S&P 500 Index ($SPX) has advanced on ten of the last eleven trading days. Needless to say, the Index chart has strong upward momentum. Media articles continue to focus on how overbought the market is, and how it’s certainly due for a correction. But “overbought does not mean sell.” Once again, we are reminded of John Maynard Keynes’ statement that the market can remain irrational for longer than you can remain solvent. That currently applies mostly to short sellers, but could also be directed towards under-invested institutions and those who have sold some stocks prematurely to raise cas

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on June 1, 2026. https://www.youtube.com/embed/9hrcgeqyXPI$GOTU$ 

$TVIX$ $UVIX$  By Lawrence G. McMillan This market is the epitome of our phrase, "overbought does not mean sell." It just keeps going higher, and now the rally has broadened enough so that the Dow ($DJX; DIA), NASDAQ-100 ($NDX; QQQ) and Russell 2000 ($RUT; IWM) are all doing the same. All of these indices, including $SPX, have made new all- time closing and intraday highs this week. $SPX has support at 7330 -- the lows from earlier this month. Below that there are various support areas: 7275, 7050-7175, and then a major support at 7000. Equity-only put-call ratios gave sell signals a week ago when they turned upward from very low levels on their charts. Those sell signals were confirmed by both

By Lawrence G. McMillan In 1973, inflation, interest rates, and impeachment dominated headlines during a brutal bear market. Today, a different set of "I's" is making news, yet stocks continue to push higher. In the large bear market of 1973-1974, it was common for the media to say that the market was worried about the three I’s: inflation, interest rates, and impeachment. Today, we have a huge bull market going on, and it apparently is not all that concerned with the current set of three I’s: inflation, interest rates, and Iran. And if the mid-term elections swing left, you could add the fourth i (impeachment) back into the mix as well. Obviously, the concerns over inflation and interest rates back in 1973 (during the OPEC Oil Embargo) were much larger than today’s concerns over the same

By Lawrence G. McMillan 0DTE (Zero Days to Expiration) options have rapidly become one of the fastest-growing areas of the options market. Trading volume in products such as $SPX, SPY, and QQQ has exploded in recent years, bringing increased attention — and controversy — to these ultra-short-term contracts. In Part 1 of this new 2-part webinar series, Lawrence G. McMillan examines the facts, rumors, and controversies surrounding 0DTE trading. Topics include how these options behave compared to longer-term options, whether they are impacting market volatility, and how traders can use measures such as $VIX1D and True Range to better evaluate pricing and strategy selection. The webinar also discusses: Gamma and delta behavior in 0DTE options Institutional vs. retail participation Buying vs. s

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on May 26, 2026. https://www.youtube.com/embed/cKRtvT1W51Y$GOTU$ 

$TVIX$ $UVIX$  By Lawrence G. McMillan Three different internal indicators have generated sell signals over the past week or so, but the most important indicator -- the chart of $SPX remains bullish. When these conditions exist, it is usually the chart of $SPX that wins out. $SPX had a modest pullback this past week, but it didn't even fall as far as the rising 20-day moving average. $SPX found support near 7330 (the topmost of the red horizontal support lines shown in Figure 1). Rather quietly, $SPX has bounced off of that general level three times this month. Equity-only put-call ratios also curled upward this week, thus confirming new sell signals, both in terms of the computer analyses as we

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on May 18, 2026. https://www.youtube.com/embed/_9P28B-oHBA$GOTU$ 

$TVIX$ $UVIX$  By Lawrence G. McMillan $SPX continues to surge, having made new all-time highs on four or the last five trading days. There is minor support at 7338 (the past week's low), and at 7275 (the bottom of the most recent gap on the $SPX chart). Stronger support might be found in the 7050-7175 area, and then there should be solid support at 7000. Equity-only put-call ratios continue to fall, since there has been heavy call buying accompanying this rally. They have reached overbought states -- especially the weighted ratio (Figure 3), which is now down to levels last seen in November 2021. The standard ratio (Figure 2) is low as well, but not as low as that. Both breadth oscillators are