Join Larry McMillan as he discusses the current state of the stock market on May 31, 2022.
Last Friday, May 20th, $SPX sold off nearly 100 points intraday but then recovered nearly all of it by the close. That was a new lower low, keeping the downtrend intact on the $SPX chart. But it was also an exacerbation of extremely oversold conditions, and the market has rebounded since then. The bottom line is that while the intermediate- and longer-term are still negative because of the trend of $SPX, the short-term is positive because of new, confirmed buy signals that have taken place. It could carry to 4150 on $SPX, and perhaps as high as 4300.
Join Larry McMillan as he discusses the current state of the stock market on May 23, 2022.
The stock market continues to decline, reaching new relative lows again this week. The downtrend on the $SPX chart is still in place. For this reason, we are maintaining our "core" bearish position. However, oversold conditions are building, and there will certainly be at least an oversold rally, which will be tradeable.
Join Larry McMillan as he discusses the current state of the stock market on May 16, 2022.
Stocks continued to fall this week, after the last failed "one-day wonder" rally on May 4th. Support was broken at 4100, which quickly saw $SPX trade down below 3900. There is some support at that level, but there is a more well-defined support level at 3700 (the lows of February and March, 2021). Needless to say, the chart of $SPX remains in a downtrend (blue lines in Figure 1).
Join Larry McMillan as he discusses the current state of the stock market on May 9, 2022.
Realized volatility is exploding as the market swings wildly from one direction to the other. Both last week (April 28th) and this week (May 4th) saw extremely large oversold rallies that rivaled some of the largest "up days" in history. Both were immediately followed the next day by selling of a major magnitude, that more than wiped out those rallies -- and were some of the largest "down days" in history.
Join Larry McMillan as he discusses the current state of the stock market on May 2, 2022.
The $SPX chart remains in a downtrend. Note the blue trend lines on the chart in Figure 1. Within that downtrend, action has been getting more and more volatile, which is much more typical of a bear market than a bull market. This past week, $SPX once again tested the support in the 4100 4200 area, and so far it has held.
