$TVIX$ $UVIX$  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

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on May 11, 2026. https://www.youtube.com/embed/J9UP-yDYVEU$GOTU$ 

$TVIX$ $UVIX$  By Lawrence G. McMillan Whether you think it's MOMO (momentum) or FOMO (Fear Of Missing Out), or whatever, it doesn't really matter. This market is a perfect example of why "overbought does not mean sell." Eventually, sell signals will appear, but so far, we have had no confirmed sell signals. This week saw another gap up on the chart, but very little in the way of a pullback that one could count on as a support level. There is weak or minor support at 7175, 7100, and 7050. Then the main support is 7000. If $SPX were to fall back below that, all of the action this month would have been retraced. That would not sit well, but we're not likely to see a pullback like that anytime soon

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on May 4, 2026. https://www.youtube.com/embed/IS7gJNWFAMY$GOTU$ 

$TVIX$ $UVIX$  By Lawrence G. McMillan The major indices are all enjoying a booming bull move to new all- time highs $SPX, $NDX, and $RUT (while the Dow is closing in on its highs as well). This display of strength has occurred in the face of potential geopolitical worries, which indicates that "the market" isn't too concerned with those. $SPX has strong support at 7000 -- the previous all-time highs -- as well as minor support at 7125 and 7050. The equity-only put-call ratios remain solidly bullish in their outlook for stocks. They continue to drop steadily and sharply. As long as they are declining, that is positive for the market. Breadth has been teetering on the verge of a sell signal,

By Lawrence G. McMillan Some traders prefer to see columns of numbers, and others—myself included—prefer to look at graphs or charts. A “profit graph” is a graph of the potential profits and losses from a position. With options, it is possible to describe most of the major strategies by the shape of their profit graphs. A simple example should be sufficient to demonstrate the concept. Example: Suppose that XYZ common stock is trading at 50, and the XYZ July 50 call is selling for 3, or $300. The profit table shown here details the potential profits and losses at various XYZ prices at July expiration. The same information is shown in the profit graph. The image below, which shows that this position has a limited loss on the downside and can make theoretically unlimited profits on the upside

$GOTU$  By Lawrence G. McMillan Join Larry McMillan as he discusses the current state of the stock market on April 27, 2026. https://www.youtube.com/embed/XF5RotmuSkk$GOTU$ 

By Lawrence G. McMillan There are two major approaches to analyzing markets—technical and fundamental. Most investors are familiar with fundamental analysis. That is the process by which analysts attempt to forecast the future profits of a company by analyzing their market penetration, pricing structure, and other things having to do with the actual operation of the company’s business. Technical analysis, on the other hand, has nothing at all to do with the tangible operations of the company. Rather it is an analysis of the price of the company’s stock. Technicians (practitioners of technical analysis) feel that past price patterns leave valuable clues as to the future direction of prices. Technical analysis can be applied to any price pattern—stock, bonds, futures, and so on. There is mer