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Weekly Stock Market Commentary 11/24/2023

By Lawrence G. McMillan

The broad stock market continues to plow ahead, building on the recent upside breakout over 4400. Even though there are some signs of an overbought market, we are not seeing any confirmed sell signals yet. $SPX has overcome two small resistance levels, leaving the 2023 highs near 4610 as the next area to overcome. Above there, the all-time highs at 4800 might be challenged.

Weekly Stock Market Commentary 11/17/2023

By Lawrence G. McMillan

On November 13th, $SPX closed above 4402 for the second of two consecutive days, which was enough to dictate a bullish stance since it was an upside breakout over resistance and over the downtrend line, as well as closing the gap from the September breakdown. Then another huge upside gap was formed on November 14th, when there was favorable CPI data.

Weekly Stock Market Commentary 11/3/2023

By Lawrence G. McMillan

Stocks did an abrupt about face this week and have rallied strongly every day. At first, this rally was propelled by some strong oversold conditions and the fact that $SPX had bounced off its lower downtrend line. But as the week wore on, reports from the FOMC meeting and the Unemployment statistics emboldened investors who care about such things. This was all taking place during what is arguably the strongest seasonal pattern of the year.