The stock market has quickly retraced the entire trading range after yet another false upside breakout. From there, it has worked its way down the lower end of the range. Yesterday's action closed the gap at 5870 on the $SPX chart (circle in Figure 1). The support levels from 5770 to 5860 are now being tested. There was a false downside breakout back in early January. It would be particularly obnoxious of $SPX if it were to engineer another one of those!
Join Larry McMillan as he discusses the current state of the stock market on February 24, 2025.
Join Larry McMillan as he discusses the current state of the stock market on February 18, 2025.
Stocks are still in a trading range, but barely. $SPX made a strong move on Thursday, back to the 6100 area and above, which is very near the all-time high. The all-time high is 6128 intraday and 6118 closing. The last time that $SPX tried to break out on the upside, it proved to be a false breakout, and the Index declined 200 points quickly. For the most part, $SPX has been trading between 6000 and 6100 since then, but this morning it has traded at 6127.
Join Larry McMillan as he discusses the current state of the stock market on February 3, 2025.
Join Larry McMillan as he discusses the current state of the stock market on February 3, 2025.
Join Larry McMillan as he discusses the current state of the stock market on January 27, 2025.
