Join Larry McMillan as he discusses the current state of the stock market on June 3, 2024.
Stocks seemed a little "tired" after making new all-time highs earlier in May. $SPX traded in a fairly tight trading range between 5260 and 5340 for two weeks. The support at 5260 was important because that's where the old highs were (from late March). $SPX has now broken to the downside, triggering an MVB sell signal among other things, and that breakdown should be respected.
Join Larry McMillan as he discusses the current state of the stock market on May 28, 2024.
Join Larry McMillan as he discusses the current state of the stock market on May 20, 2024.
The last of our indicators to turn fully bullish was the chart of $SPX itself. Sometimes that happens, where $SPX is lagging the indicators, but now it has caught up. The move to new all-time highs by the Index was confirmed with a two-day close. Now, there should be support at or just below the breakout level in the 5230-5260 area, say.
Equity-only put-call ratios are finally both on confirmed buy signals for stocks. They will remain on these buy signals as long as they are declining.
Join Larry McMillan as he discusses the current state of the stock market on May 13, 2024.
Join Larry McMillan as he discusses the current state of the stock market on May 6, 2024.
The oversold rally that began in late April swiftly reached the declining 20-day Moving Average of $SPX, and that is typically about the extent of such rallies. True to form, the Index fell back sharply from there. This reinforces a negative interpretation of the $SPX chart, for there is now a downtrend in place (roughly along the route of the declining 20-day Moving Average). Overheard, there is resistance at 5150-5180 and then at the all-time highs of 5260.
