Join Larry McMillan as he discusses the current state of the stock market on August 14, 2023.
Join Larry McMillan as he discusses the current state of the stock market on August 7, 2023.
It took the catalyst of Fitch downgrading the debt rating of the US from AAA to AA+ in order to generate some heavy selling in stocks. So far, most of the damage has been limited to just one day, but that was enough to confirm sell signals from several overbought areas.
Join Larry McMillan as he discusses the current state of the stock market on July 31, 2023.
For the most part, stocks have remained in an extremely bullish mode over the past week. The one "hiccup" was when heavy selling hit the market the day after the FOMC announcement, ostensibly due to some financial news out of Japan. That created an 80-point range day in $SPX, which is one of the larger ones in recent months. Even so, stocks seem to be bouncing back quickly.
Join Larry McMillan as he discusses the current state of the stock market on July 24, 2023.
Most major stock indices made new 2023 highs this past week ($RUT; IWM is still a little shy of that). Thus, the charts remain positive, and a "core" bullish position is warranted. There are several gaps on the $SPX chart, and a pullback to support at 4440 would fill all the recent ones. There is further support at 4385, and then major support at 4330 and 4200. A violation of the support at 4330 would be a very negative development and would require a change of our "core" position, but a pullback of that depth doesn't seem likely right now.
On the upside, the next resistance area is at 4650, the March 2022 highs, which occurred early in the 2022 bear market. Beyond that, the all-time highs at 4800 could be in play.
Join Larry McMillan as he discusses the current state of the stock market on January 29, 2024.
