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.
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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.
The market has stalled near the top of the 6500-6900 trading range. This comes after a strong rally the week of Thanksgiving. But unless there is a clear breakout to new all-time highs, the trading range scenario is still dominant. Part of the problem may be the upcoming FOMC meeting, where we will learn on December 10th whether or not the Fed is going to lower rates again. It seems that the market is expecting that the rate cut will occur. If it doesn't, that could be problematic.
Join Larry McMillan as he discusses the current state of the stock market on December 1, 2025.
