Join Larry McMillan as he discusses the current state of the stock market on June 17, 2024.
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.
Join Larry McMillan as he discusses the current state of the stock market on June 10, 2024.
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.
Join Larry McMillan as he discusses the current state of the stock market on June 3, 2024.
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.
Join Larry McMillan as he discusses the current state of the stock market on May 28, 2024.
Join Larry McMillan as he discusses the current state of the stock market on May 20, 2024.
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.
