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).
Join Larry McMillan as he discusses the current state of the stock market on October 7, 2024.
Join Larry McMillan as he discusses the current state of the stock market on September 30, 2024.
After breaking out to new highs at the end of the previous week, there was only one minor pullback this week, and it was a successful retest of the 5670 breakout level for $SPX. New all-time highs continue to be registered both on an intraday and a closing basis daily. So, the upside breakout to new all-time highs has been confirmed with supportive price action.
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.
Join Larry McMillan as he discusses the current state of the stock market on September 16, 2024.
