This week, $SPX traded at a new all-time high, just as it did last week. Then, it dropped -- in both cases. Normally, we'd like to see new highs confirmed by strongly positive action immediately following the day that new highs are made. That has not happened, despite mostly positive readings from our internal indicators.
Join Larry McMillan as he discusses the current state of the stock market on January 5, 2026.
The $SPX Index broke out to all-time highs just before Christmas, although the Dow ($DJX) and NASDAQ-100 ($NDX) did not. There hasn't been any follow-through to the upside by any of them. In fact, $SPX has been down for four straight days since then. The decline is still modest, but it is somewhat unusual and unsettling to falter like that just as new highs are being made.
Join Larry McMillan as he discusses the current state of the stock market on December 29, 2025.
Join Larry McMillan as he discusses the current state of the stock market on December 22, 2025.
$SPX couldn't break out on the upside, so then it decided to test the downside, breaking down below support at 6800 for two days. But that move had no follow-through either. Thus, $SPX remains in a trading range, and the frustration with this market continues to grow.
The indicators lean slightly to the bullish side, but the real arbiter of price is, of course, $SPX and that remains in a neutral state.
Join Larry McMillan as he discusses the current state of the stock market on December 15, 2025.
It seems that everything is quite bullish, and we are merely awaiting confirmation from the $SPX chart. That is, we need to see $SPX trade solidly at a new all-time high in order to be in agreement with what is a very bullish set of indicators otherwise.
Join Larry McMillan as he discusses the current state of the stock market on December 8, 2025.
