In all, the correction from the early June highs to the lows of this week was about 5%. That was enough to at least temporarily remove the "bullish" designation from the $SPX chart. The Index has now fallen below its 20-day moving average, and there is resistance in the 7500-7520 area. A rise back above that area might be enough to restore the bullish scenario, but for the now the index is in a short-term negative trend.
Join Larry McMillan as he discusses the current state of the stock market on June 8, 2026.
Join Larry McMillan as he discusses the current state of the stock market on June 1, 2026.
This market is the epitome of our phrase, "overbought does not mean sell." It just keeps going higher, and now the rally has broadened enough so that the Dow ($DJX; DIA), NASDAQ-100 ($NDX; QQQ) and Russell 2000 ($RUT; IWM) are all doing the same. All of these indices, including $SPX, have made new all- time closing and intraday highs this week.
In 1973, inflation, interest rates, and impeachment dominated headlines during a brutal bear market. Today, a different set of "I's" is making news, yet stocks continue to push higher.
0DTE (Zero Days to Expiration) options have rapidly become one of the fastest-growing areas of the options market. Trading volume in products such as $SPX, SPY, and QQQ has exploded in recent years, bringing increased attention — and controversy — to these ultra-short-term contracts.
Join Larry McMillan as he discusses the current state of the stock market on May 26, 2026.
Three different internal indicators have generated sell signals over the past week or so, but the most important indicator -- the chart of $SPX remains bullish. When these conditions exist, it is usually the chart of $SPX that wins out.
This Memorial Day weekend, McMillan Analysis is offering 25% off all advisory services.
Whether you’re looking for daily market commentary, volatility analysis, put-writing opportunities, or professional option strategy guidance, our advisories are designed to help traders navigate changing market conditions with discipline and clarity.
