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.
Join Larry McMillan as he discusses the current state of the stock market on October 9, 2023.
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Join Larry McMillan as he discusses the current state of the stock market on September 25, 2023.
Join Larry McMillan as he discusses the current state of the stock market on September 18, 2023.
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.
