The major indices are making new all-time highs with regularity. This includes $SPX, of course (as well as $NDX and the Dow), so we are still maintaining our "core" bullish position. There are some nagging worries -- such as the failure of small-caps ($RUT; IWM) to keep pace -- but until those worries become actual sell signals, they won't deter us from our bullish outlook.
February has been a big problem for the stock market in recent years. The table below shows the $SPX results for February going back to 2002.
Join Larry McMillan as he discusses the current state of the stock market on February 5, 2024.
Join Larry McMillan as he discusses the current state of the stock market on January 29, 2024.
New all-time highs (both intraday and closing) were registered on Friday, January 19th, by $SPX. Since then, $SPX has added onto those gains every day, setting new all-time closing highs each day. It seems that a large chunk of the buying impetus came from short covering and "chasing" by longs who weren't fully invested. But there isn't the euphoria that one might normally expect to see, since many stocks are in far worse shape than the major indices.
Join Larry McMillan as he discusses the current state of the stock market on January 22, 2024.
Join Larry McMillan as he discusses the current state of the stock market on January 16, 2024.
New 2024 highs have been registered this week for $SPX. The all-time highs for $SPX were set in January 2022. The intraday high was 4818, and the closing high was 4796. Most recently, $SPX has not bettered either of those numbers, but it's not far away. A two-day close above 4800 would be enough confirmation that the next leg of the bull market is ready to take place.
