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Free Weekly Stock Market Commentary 6/14/2024

By Lawrence G. McMillan

 At the current time, $SPX is making new all-time highs daily (four days in a row and five of the last seven). Hence, the $SPX chart is very bullish. There is a support zone, originally created by the trading range in mid-May, from 5260 to 5325. This week's daily lows quickly bounced from the 5330 area. A close back below 5260 would be negative, but that is certainly not imminent.

Free Weekly Stock Market Commentary 6/7/2024

By Lawrence G. McMillan

Just a week ago, $SPX had broken down below support at 5260, and it seemed like the bears might be flexing their muscles. But it was a weak decline, which abruptly turned around on May 31st. $SPX quickly reached new all-time closing and intraday highs above 5340, and has been able to hold the new highs for two consecutive days. Thus, the $SPX chart is bullish, and that calls for a "core" bullish stance.

Free Weekly Stock Market Commentary 5/31/2024

By Lawrence G. McMillan

Stocks seemed a little "tired" after making new all-time highs earlier in May. $SPX traded in a fairly tight trading range between 5260 and 5340 for two weeks. The support at 5260 was important because that's where the old highs were (from late March). $SPX has now broken to the downside, triggering an MVB sell signal among other things, and that breakdown should be respected.

Free Weekly Stock Market Commentary 5/17/2024

By Lawrence G. McMillan

The last of our indicators to turn fully bullish was the chart of $SPX itself. Sometimes that happens, where $SPX is lagging the indicators, but now it has caught up. The move to new all-time highs by the Index was confirmed with a two-day close. Now, there should be support at or just below the breakout level in the 5230-5260 area, say.

Equity-only put-call ratios are finally both on confirmed buy signals for stocks. They will remain on these buy signals as long as they are declining.