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The S&P 500 index
SPX has stalled just below all-time highs, so the trading range between 6,500 and 6,900 is still intact. A breakout in either direction should result in a strong move. Obviously, SPX is much closer to an upside breakout, and there are some new positive signs from market internals as well as a favorable seasonal pattern.
One standout on the accompanying SPX chart is the wide gap between the modified Bollinger bands (mBB). That’s due to realized volatility remaining fairly high since it first exploded back on Oct. 10. There’s no McMillan volatility band (MVB) signal in effect at this time.
