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Lawrence G. McMillan: Technical indicators are bullish as stock market benchmarks attempt new highs

The prospect of lower interest rates in Europe and the U.S. has driven the stock market into a bullish stampede. And, now, overbought conditions are beginning to appear.

However, from a broader perspective, there is too much talk on financial TV about euphoria and how the rally can’t last. That kind of talk raises the possibility of much higher prices before a meaningful correction sets in. But those things are too vague to measure; we will stick with our indicators, which are still bullish.

The S&P 500 Index SPX, +0.09% broke out to a new all-time high — and did it strongly, blasting through the old highs at 2,940-2,950 points.

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