Join Larry McMillan as he discusses the current state of the stock market on February 28, 2022.
The media seems to think that everything that is wrong with the market and the economy is due to the military conflict, but that is not the case. $SPX is in a bear market and will continue to be as long as the downtrend exists (see the blue line in Figure 1). However, the action on February 24th exacerbated an already oversold condition, and now another oversold rally seems to be taking place.
Join Larry McMillan as he discusses the current state of the stock market on February 22, 2022.
Join Larry McMillan as he discusses the current state of the stock market on February 14, 2022.
Join Larry McMillan as he discusses the current state of the stock market on February 7, 2022.
Join Larry McMillan as he discusses the current state of the stock market on January 31, 2022.
$SPX continues to be the best relative performer of the major indices. $NDX (QQQ) has already broken its lows of last September. Meanwhile, the Dow ($DJX) probed the lows of last spring. By far the worst performer, though, is the Russell 2000 ($RUT; IWM), which has essentially wiped out all of the gains of 2021. That is illustrative of what the "average" stock has been doing. I still don't think the media really gets that.
$SPX has support in the 4200-4300 area.
Join Larry McMillan as he discusses the current state of the stock market on January 25, 2022.
The stock market has finally succumbed to months of negative internals, and now the large-cap indices are following the "troops" lower. $SPX has broken down below the bottom of the trading range, violating support at 4500. Not only that, but it has closed below the December lows, which is another longer-term negative for the market.
This decline has exacerbated oversold conditions in many areas, though, so expect violent oversold rallies within what is now a bearish downtrend.
Join Larry McMillan as he discusses the current state of the stock market on Monday, January 17, 2022.
