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Join Larry McMillan as he discusses the current state of the stock market on June 27th, 2022.
...The broad market made new lows for 2022 a week ago. That reaffirms the pattern of lower highs and lower lows on...
Join Larry McMillan as he discusses the current state of the stock market on June 20, 2022.
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By Lawrence G. McMillan
The broad market made new lows for 2022 a week ago. That reaffirms the pattern of lower highs and lower lows on the $SPX chart, meaning that the bear market is still intact. There should some support at last week's lows, near 3650. Beyond that, one has to go to a longer-term chart to find support: 3500 and then 3200.
However, this week -- after the 3-day weekend -- $SPX has mostly been attempting to rally. There were massive oversold conditions, so an oversold rally is likely beginning. Our target for the next oversold rally is 4017 -- a slight overshoot of the declining 20-day moving average which closes the gaps on the $SPX chart.
Equity-...