The old year ended with a thud, as stocks sold off pretty sharply over the final three days. In doing so, the closing support level at 5870 held once again. So, that is certainly an even more important area than it was before. As long as $SPX holds above that level, the $SPX chart still has a bullish slant. However, if $SPX closes decisively below 5870, then heavier selling should develop.
Join Larry McMillan as he discusses the current state of the stock market on December 30, 2024.
Join Larry McMillan as he discusses the current state of the stock market on December 23, 2024.
The wheels came off the wagon after the Fed meeting on Wednesday. It appears that the Fed's decision to drop rates by 25 basis points, plus their announcement that they might not cut much next year, triggered the selling. But it was probably more of a "sell the news" kind of thing. In the old adage, it's the Fed taking away the punchbowl.
The broad stock market, as measured by indices such as $SPX, continues to probe new all-time highs. This week, there was a positive catalyst in the form of the CPI number, which was benign enough to raise hopes for a further rate cut by the Fed. There is support at 6010, with much stronger support at 5870. As long as $SPX remains above 5870, we will maintain a "core" bullish position. That number may have to be raised eventually, but that's where the strong support is now.
Join Larry McMillan as he discusses the current state of the stock market on December 9, 2024.
The broad market continues to be strong, as most of the major indices are trading at new all-time highs now. This includes $SPX, $NDX, $DJX (the Dow), but not $RUT (the Russell 2000). As $SPX has pushed forward, many of our indicators have moved into overbought territory. However, few have confirmed sell signals.
Join Larry McMillan as he discusses the current state of the stock market on December 2, 2024.
The stock market has made new all-time highs this week, both on an intraday and a closing basis. $SPX has done so, and other major indices that have followed include the Dow Jones 30 Industrials ($DJX) and the Russell 2000 ($RUT). The NASDAQ-100 ($NDX) has not quite gotten there this week, after registering new all-time highs earlier in November.
