Join Larry McMillan as he discusses the current state of the stock market on August 26, 2024.
The rally that began with an upward intraday reversal on August 5th continues to plow ahead. It has now brought $SPX back to nearly its all-time highs. The pattern of lower highs has been broken, and all that remains for the bulls to re- establish complete control is for $SPX to trade above 5670. That is probably going to happen.
Join Larry McMillan as he discusses the current state of the stock market on August 19, 2024.
The stock market's rally since bottoming out on August 5th has been historic. The speed with which the correction and the recovery have taken place is astounding. This type of price action has been evident elsewhere, too, sometimes with even greater velocity ($VIX, for example).
The market broke down badly once the support at area at 5370 gave way. It eventually became oversold, and is still trying to sustain an oversold rally. Typically, oversold rallies carry up to the declining 20-day Moving Average, or perhaps just a little higher before turning downward once again. That could occur just below the 5400 level. There is also a gap on the $SPX chart which would be filled at 5410, so 5400-5410 is about where the extent of this oversold rally should reach.
Join Larry McMillan as he discusses the current state of the stock market on July 29, 2024.
Join Larry McMillan as he discusses the current state of the stock market on July 22, 2024.
The stock market, as measured by the S&P 500 Index ($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.
Join Larry McMillan as he discusses the current state of the stock market on June 24, 2024.
