Stocks have continued their sharp pullback after failing to break through the bear market downtrend line. That challenge came in mid-August at the 4300 level, and the decline since then has been steady and swift. Oversold conditions are beginning to appear, and soon we will see some confirmed buy signals, but the $SPX chart is still bearish and so a "core" bearish position is recommended. Other signals can be traded around that.
Join Larry McMillan as he discusses the current state of the stock market on August 29, 2022.
Join Larry McMillan as he discusses the current state of the stock market on August 22nd, 2022.
Join Larry McMillan as he discusses the current state of the stock market on August 15, 2022.
The broad stock market has broken out over major resistance at 4170 and should now be ready to challenge the 4300+ level. It is imperative for the bulls that these recent gains be held. That is, if $SPX were to slide back below 4170, that would be modestly negative, and if it fell below 4070, that would be extremely bearish.
Join Larry McMillan as he discusses the current state of the stock market on August 8, 2022.
Stocks have continued to rally from the June lows, with the rally picking up steam over the last three or four weeks. But now it has run into the heavy resistance area of 4070-4170, which was initially established back in the early part of June. A clear breakout over 4170 would be bullish and would likely then call for a challenge of the bear market downtrend line at 4300+.
Join Larry McMillan as he discusses the current state of the stock market on July 25, 2022.
