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 14, 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.
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