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Weekly Stock Market Commentary 12/8/2023

By Lawrence G. McMillan

The broad market is not giving up on the monster rally that occurred in November. While there has been resistance at the 2023 highs, there has not been much of a pullback from there. That is the 4600 level roughly, and if it is decisively broken through on the upside, the next target will be the all-time highs at 4800.

Weekly Stock Market Commentary 11/24/2023

By Lawrence G. McMillan

The broad stock market continues to plow ahead, building on the recent upside breakout over 4400. Even though there are some signs of an overbought market, we are not seeing any confirmed sell signals yet. $SPX has overcome two small resistance levels, leaving the 2023 highs near 4610 as the next area to overcome. Above there, the all-time highs at 4800 might be challenged.

Weekly Stock Market Commentary 11/17/2023

By Lawrence G. McMillan

On November 13th, $SPX closed above 4402 for the second of two consecutive days, which was enough to dictate a bullish stance since it was an upside breakout over resistance and over the downtrend line, as well as closing the gap from the September breakdown. Then another huge upside gap was formed on November 14th, when there was favorable CPI data.