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Free Weekly Stock Market Commentary 7/5/2024

By Lawrence G. McMillan

The stock market, as measured by the S&P 500 Index ($SPX), continues to rise, making new all-time highs, both intraday and on a closing basis. This alone makes the $SPX chart bullish and dictates that we continue to hold a "core" bullish position.

There are several support levels beneath the market as it has worked its way up in a stair-step fashion: 5450, 5380, and 5260.

Free Weekly Stock Market Commentary 6/14/2024

By Lawrence G. McMillan

 At the current time, $SPX is making new all-time highs daily (four days in a row and five of the last seven). Hence, the $SPX chart is very bullish. There is a support zone, originally created by the trading range in mid-May, from 5260 to 5325. This week's daily lows quickly bounced from the 5330 area. A close back below 5260 would be negative, but that is certainly not imminent.

Free Weekly Stock Market Commentary 5/31/2024

By Lawrence G. McMillan

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.