Last Friday, $SPX traded down to nearly 4330 and has bounced from there. That is the support level that we have been talking about for some time, and it did a good job of holding. So, the big picture is that the $SPX chart is still bullish at this time, as long as that support at 4330 has not been violated. There is further support at 4200, but in my opinion, if the 4330 support level gives way, the bears will be running downhill at that point.
Join Larry McMillan as he discusses the current state of the stock market on August 21, 2023.
Join Larry McMillan as he discusses the current state of the stock market on August 14, 2023.
Join Larry McMillan as he discusses the current state of the stock market on August 7, 2023.
It took the catalyst of Fitch downgrading the debt rating of the US from AAA to AA+ in order to generate some heavy selling in stocks. So far, most of the damage has been limited to just one day, but that was enough to confirm sell signals from several overbought areas.
Join Larry McMillan as he discusses the current state of the stock market on July 31, 2023.
For the most part, stocks have remained in an extremely bullish mode over the past week. The one "hiccup" was when heavy selling hit the market the day after the FOMC announcement, ostensibly due to some financial news out of Japan. That created an 80-point range day in $SPX, which is one of the larger ones in recent months. Even so, stocks seem to be bouncing back quickly.
Join Larry McMillan as he discusses the current state of the stock market on July 24, 2023.
