By Lawrence G. McMillan
The stock market continues to mark time, not really declining much as it works off the overbought condition from a couple of weeks ago. It is still our opinion that once this short-term correction is over, higher prices will lie directly ahead.
The Standard and Poor’s 500 Index ($SPX) continues to plod along within the confines of the bullish channel that dates back to the beginning of this leg of the bull market – back to early June. The bottom of that channel is approximately at 1410. There is also a strong SPX area in the 1395-1420 range, which is essentially the trading range of August. Higher support exists at 1430-1440, the lows of the last couple of weeks.
To read the full article, subscribe to The Market Watch Options Trader.
© 2023 The Option Strategist | McMillan Analysis Corporation