Join Larry McMillan as he discusses the current state of the stock market on February 21, 2023.
Stocks have struggled since the beginning of the month, after having traded at resistance at 4200. $SPX has fallen back below the previous breakout level of 4100. Any close below 4070 would be the lowest close since January, and that would be a further negative for stocks. $SPX has probed down towards that level a few times, but has bounced back up each time. Still, a close below 4070 would open the door to a retracement of the entire previous trading range -- down to 3900, or 3800 on a more extreme move.
Join Larry McMillan as he discusses the current state of the stock market on February 13, 2023.
Bear markets are tricky, and if what we are seeing now is the continuation of the bear market, it is exhibiting some of the actions that are designed to fool most of the people most of the time.
Join Larry McMillan as he discusses the current state of the stock market on February 6, 2023.
The long-awaited breakout over what had become triple resistance at 4100 has occurred. $SPX closed above that level on February 1st and then added another strong day on top of that on February 2nd, thus confirming the breakout with a two-day close above 4100. That should lead to a challenge of the next resistance levels. First, there is the gap just above 4200 that created the island reversal back in August, which led to the downward leg into October at that time. Next up after that are the August highs at 4300.
Join Larry McMillan as he discusses the current state of the stock market on January 30, 2023.
Stocks have moved back and forth through several supposed minor support and resistance levels this week. As a result, the picture has developed into that of a wider trading range, awaiting a breakout in one direction or the other. On the upside, there is double resistance at 4100, where the market topped out twice in early December. On the downside, there is support in the 3760-3800 area, where the market bottomed in late December.
Join Larry McMillan as he discusses the current state of the stock market on January 23, 2023.
Stocks started the year off strongly, rallying with expanding breadth and favorable put-call ratio buy signals. However, in the end nothing changed as once again $SPX was unable to penetrate through the downtrend line that defines this bear market, as well as failing to rise up through its declining 200-day moving average. So, stocks have fallen back from there. The first support level at 3940 has been violated, and the next one at 3900 might be in jeopardy, too. That leaves 3760-3840 as the next support area. A failure there, and one can state with certainty that the bear market has resumed.
