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Free Weekly Stock Market Commentary 9/20/2024

By Lawrence G. McMillan

After bumping up against resistance once again in the 5670 area, $SPX finally exploded on through, one day after the Fed lowered rates by 50 basis points. A second day's close above 5670 will confirm the breakout and will warrant a "core" bullish position in the Index.

There should now be support throughout the former trading range, 5560 5670. If $SPX falls back below 5670, then it would have to be considered a false upside breakout, though.

Free Weekly Stock Market Commentary 9/13/2024

By Lawrence G. McMillan

A week ago, things looked rather bearish, with $SPX having broken down from a 5560-5650 trading range, and plummeting quickly to 5400. An oversold rally ensued, but by Wednesday of this week, $SPX was plunging again and reached that 5400 level for a second time. For whatever reason, buyers emerged en masse at that point, and $SPX has rallied 230 points in about two trading days.

Free Weekly Stock Market Commentary 9/6/2024

By Lawrence G. McMillan

The broad market traded in a fairly tight range between 5560 and 5650 for eleven trading days. Eventually, after the Labor Day holiday, $SPX broke down sharply, losing 120 points intraday in one day. That breakdown now leaves heavy overhead resistance not only in the 5560-5650 range, but at the all-time highs (5670) as well.

Free Weekly Stock Market Commentary 8/23/2024

By Lawrence G. McMillan

The rally that began with an upward intraday reversal on August 5th continues to plow ahead. It has now brought $SPX back to nearly its all-time highs. The pattern of lower highs has been broken, and all that remains for the bulls to re- establish complete control is for $SPX to trade above 5670. That is probably going to happen.

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