Join Larry McMillan as he discusses the current state of the stock market on October 23, 2023.
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.
Stocks continue to fall, as the downtrend that began at the end of July persists (red lines on the chart in Figure 1). New relative lows were made again this week, so the pattern of lower highs and lower lows is evident. That defines a downtrend, and it also warrants holding a "core" bearish position.
Join Larry McMillan as he discusses the current state of the stock market on October 2, 2023.
The $SPX Index broke down through 4330 a week ago (Friday, September 22nd), tried to rally back above it for one more day and then gave way to a sharp selloff. Thus, 4330 was not only a crucial support level that has now been broken, but it is also going to serve as resistance. There are a number of things going on right now in the market, but as you can see, there is now a downtrend (red lines in Figure 1) -- lower lows and lower highs. That is a full-fledged bearish trend, not just minor correction.
Join Larry McMillan as he discusses the current state of the stock market on September 25, 2023.
