In all, the correction from the early June highs to the lows of this week was about 5%. That was enough to at least temporarily remove the "bullish" designation from the $SPX chart. The Index has now fallen below its 20-day moving average, and there is resistance in the 7500-7520 area. A rise back above that area might be enough to restore the bullish scenario, but for the now the index is in a short-term negative trend.
Join Larry McMillan as he discusses the current state of the stock market on June 8, 2026.
Join Larry McMillan as he discusses the current state of the stock market on June 1, 2026.
This market is the epitome of our phrase, "overbought does not mean sell." It just keeps going higher, and now the rally has broadened enough so that the Dow ($DJX; DIA), NASDAQ-100 ($NDX; QQQ) and Russell 2000 ($RUT; IWM) are all doing the same. All of these indices, including $SPX, have made new all- time closing and intraday highs this week.
Join Larry McMillan as he discusses the current state of the stock market on May 26, 2026.
Three different internal indicators have generated sell signals over the past week or so, but the most important indicator -- the chart of $SPX remains bullish. When these conditions exist, it is usually the chart of $SPX that wins out.
Join Larry McMillan as he discusses the current state of the stock market on May 18, 2026.
$SPX continues to surge, having made new all-time highs on four or the last five trading days. There is minor support at 7338 (the past week's low), and at 7275 (the bottom of the most recent gap on the $SPX chart). Stronger support might be found in the 7050-7175 area, and then there should be solid support at 7000.
Join Larry McMillan as he discusses the current state of the stock market on May 11, 2026.
