By Lawrence G. McMillan

Join Larry McMillan as he discusses the current state of the stock market on September 18, 2023.

By Lawrence G. McMillan

The week after September expiration (i.e., the week after the third Friday of September) is historically a very negative week for the market. In fact, last year, that week saw a 180 point decline in $SPX, the largest point decline that we have seen in the 33 years that we have been using this indicator. It was not the largest percentage drop in a week for this system (that occurred in 2011).

By Lawrence G. McMillan

The market is still struggling to find direction, as it remains mired in a narrowing trading range. The "outside" parameters are support at 4330 and resistance at 4540. I continue to feel that a move outside of that range will generate significant, tradeable momentum for the broad market. However, $SPX has recently been trading in an even narrower range than that, after having found some support near the 20-day Moving Average, at 4450.

By Lawrence G. McMillan

Join Larry McMillan as he discusses the current state of the stock market on September 11, 2023.

By Lawrence G. McMillan

Stocks recently ran into some trouble at the 4540 area on the $SPX chart, after having bounced strongly off of the support at 4330 in mid-August. So, those two levels are what is containing the market at the moment. There is further resistance at 4600 and further support at 4200, but it seems to me that those 4330 and 4540 levels are what is going to determine the next breakout and thus the next move with decently strong momentum.

By Lawrence G. McMillan

Stocks have continued to rally ever since the 4330 level was successfully tested a couple of weeks ago. So the larger challenge for the market is whether or not it can overcome the resistance at 4600 -- the late July highs. If so, then all-time highs might soon be in sight. But if not (i.e., if this rally is just an oversold reaction), then a failure of support at 4330 would be a large negative for stocks.

By Lawrence G. McMillan

Join Larry McMillan as he discusses the current state of the stock market on August 28, 2023.

By Lawrence G. McMillan

Last Friday, $SPX traded down to nearly 4330 and has bounced from there. That is the support level that we have been talking about for some time, and it did a good job of holding. So, the big picture is that the $SPX chart is still bullish at this time, as long as that support at 4330 has not been violated. There is further support at 4200, but in my opinion, if the 4330 support level gives way, the bears will be running downhill at that point.

By Lawrence G. McMillan

Join Larry McMillan as he discusses the current state of the stock market on August 21, 2023.

By Lawrence G. McMillan