Join Larry McMillan as he discusses the current state of the stock market on October 9, 2023.
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The market is still struggling to find direction, as it remains mired in a narrowing trading range. The "outside" parameters are support at 4330 and resistance at 4540. I continue to feel that a move outside of that range will generate significant, tradeable momentum for the broad market. However, $SPX has recently been trading in an even narrower range than that, after having found some support near the 20-day Moving Average, at 4450.
Join Larry McMillan as he discusses the current state of the stock market on September 11, 2023.
Stocks recently ran into some trouble at the 4540 area on the $SPX chart, after having bounced strongly off of the support at 4330 in mid-August. So, those two levels are what is containing the market at the moment. There is further resistance at 4600 and further support at 4200, but it seems to me that those 4330 and 4540 levels are what is going to determine the next breakout and thus the next move with decently strong momentum.
Stocks have continued to rally ever since the 4330 level was successfully tested a couple of weeks ago. So the larger challenge for the market is whether or not it can overcome the resistance at 4600 -- the late July highs. If so, then all-time highs might soon be in sight. But if not (i.e., if this rally is just an oversold reaction), then a failure of support at 4330 would be a large negative for stocks.
Join Larry McMillan as he discusses the current state of the stock market on August 28, 2023.
