The pace of the market's advance has slowed from the torrid run that it had between March 26th and April 16th, but $SPX is still making new all-time highs almost every day.
$SPX has three major support levels, all noted with horizontal red lines on the chart in Figure 1: 4120 (which is the daily lows of several days during April), 4000 (which was the March high), and 3850-3870 (which is the area from which the current leg of this bull market rally emanated on March 26th.
Join Larry McMillan as he discusses the current state of the stock market on Monday, April 26th, 2021.
After reaching new all-time highs a week ago, the market has stumbled a bit this week. The overbought conditions are beginning to take a toll, but the overall trend is still bullish at this point.
There is support at this week's lows roughly 4120, with stronger support just below 4000 (the March highs), and the major support at 3850-3870. If 4000 is penetrated that would be a short- term negative, and if 3870 is penetrated that would be a major change of trend.
Join Larry McMillan as he discusses the current state of the stock market on Wednesday, April 21st, 2021.
This market is still akin to a runaway freight train. The momentum is strong and positive, and there are no confirmed sell signals at this time. This has made the market "overbought" in a general sense, but subscribers know that "overbought does not mean sell." Only confirmed sell signals mean "sell."
Join Larry McMillan as he discusses the current state of the stock market on Monday, April 12th, 2021.
The recent pattern of the markets has changed slightly. Yes, $SPX is continuing to make new all-time highs almost daily, but now NASDAQ ($NDX; QQQ) is catching up and the Dow ($DJX; DIA) is slowing down.
Join Larry McMillan as he discusses the current state of the stock market on Monday, April 5th, 2021.
The bulls may have kick-started another new upward leg by the fact that $SPX broke out to a new all-time high and $VIX broke down to a new relative one-year low at the close on Friday, April 1st. This comes amidst improving internals, but skeptics still exist. The first upside target -- if this is truly a new leg to the bull market -- is 4068. Conversely, a close below 3870 would negate the recent upside breakout.
Join Larry McMillan as he discusses the current state of the stock market on Monday, March 29th, 2021.
