Join Larry McMillan as he discusses the current state of the stock market on November 20, 2023.
On November 13th, $SPX closed above 4402 for the second of two consecutive days, which was enough to dictate a bullish stance since it was an upside breakout over resistance and over the downtrend line, as well as closing the gap from the September breakdown. Then another huge upside gap was formed on November 14th, when there was favorable CPI data.
Join Larry McMillan as he discusses the current state of the stock market on November 13, 2023.
Join Larry McMillan as he discusses the current state of the stock market on November 6, 2023.
Join Larry McMillan as he discusses the current state of the stock market on January 29, 2024.
The dominating feature of the $SPX chart is the downtrend. Lower highs and lower lows: that's all you really need to be aware of. Don't overthink it. New lows were made again this week. So, we are still carrying a "core" bearish position.
Join Larry McMillan as he discusses the current state of the stock market on October 16, 2023.
Last week, $SPX had pulled back to support at 4200 and also to its rising 200-day Moving Average. A rally has taken place since, verifying the worth of those items as support for the market. However, $SPX is still in a downtrend (red lines in Figure 1), and that makes it a bearish chart by definition.
