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Market Commentary

By Lawrence G. McMillan

The trading range environment for $SPX is still in place. The horizontal lines on the chart in Figure 1 depict the extent of the three most prominent ranges that are in place right now. Most recently, the tightest range is 4100-4200. A slightly wider range, 4050-4200, exists if one extends back into April. Then the larger range, roughly 3800-4200 encompasses all of 2023 and even the last part of 2022. Of course, 4200 is the top of all of these ranges. One can be sure that aggressive traders have been and will continue to short the market at 4200. If it eventually breaks out to the upside, there will likely be some heavy short covering to accompany that...

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