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Weekly Stock Market Commentary 9/8/2023

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.

Weekly Stock Market Commentary 9/1/2023

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.

Weekly Stock Market Commentary 8/25/2023

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.

Weekly Stock Market Commentary 8/4/2023

By Lawrence G. McMillan

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.

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