Stocks have struggled a little this week, after roaring higher post- election. On the $SPX chart, there is resistance in the 6010- 6020 area, where prices peaked on four separate days in the past week. That is minor resistance. The upside target for this move still remains as the +4å "modified Bollinger Band" (Mbb), which is now nearing 6070 and still rising.
Join Larry McMillan as he discusses the current state of the stock market on November 11, 2024.
The Presidential election victory by former President Donald Trump proved to be a very positive catalyst for stocks. $SPX gapped to a new all-time high on the next trading day after the election, as did many other broad-based indices. Since there is no formal overhead resistance, the target for this move is the +4å "modified Bollinger Band" (mBB), which is currently at 6030 and rising daily.
Join Larry McMillan as he discusses the current state of the stock market on November 4, 2024.
The broad market has stalled out at about 5870 and has pulled back from there. So, that is short-term resistance. The sharp pullback on October 31st didn't quite reach the support level at 5670, but it came close. So there is a trading range between 5670 and 5870 in effect now, but it is highly likely that the range will not be able to contain a post-election market.
Join Larry McMillan as he discusses the current state of the stock market on October 28, 2024.
Join Larry McMillan as he discusses the current state of the stock market on October 21, 2024.
The stock market, as measured by the S&P 500 Index ($SPX) continues to make new all-time highs. The market internals have generally improved as well, thereby giving positive confirmation of those new highs. There is support in the 5670-5770 area.
Join Larry McMillan as he discusses the current state of the stock market on October 14, 2024.
After breaking out decisively to new all-time highs in mid- September, $SPX was having some trouble after that. It had been mired in a trading range between 5670 and 5770 for nearly three weeks. But this week, on October 9th, $SPX broke out again to new all-time highs, and it's pressing further to the upside today (October 11th).
