The oversold rally that began in late April swiftly reached the declining 20-day Moving Average of $SPX, and that is typically about the extent of such rallies. True to form, the Index fell back sharply from there. This reinforces a negative interpretation of the $SPX chart, for there is now a downtrend in place (roughly along the route of the declining 20-day Moving Average). Overheard, there is resistance at 5150-5180 and then at the all-time highs of 5260.
Join Larry McMillan as he discusses the current state of the stock market on April 29, 2024.
Join Larry McMillan as he discusses the current state of the stock market on April 15, 2024.
Join Larry McMillan as he discusses the current state of the stock market on April 15, 2024.
Join Larry McMillan as he discusses the current state of the stock market on April 8, 2024.
Things were rolling along pretty smoothly, with $SPX having made new all-time closing and intraday highs on March 28th. There was a little pullback at the beginning of this week, with a modest deterioration in some of the market internals, but it did not appear to be significant. In fact, by noon on Thursday April 4th, $SPX was well on its way to challenging those highs once again. Then, a Fed Governor (Neel Kashkari) made some hawkish statements and selling swamped the market.
Join Larry McMillan as he discusses the current state of the stock market on April 1, 2024.
Join Larry McMillan as he discusses the current state of the stock market on March 25, 2024.
