The market bounced back from its brief correction in early June, but $SPX has not yet recovered to new all-time highs. As a result, the $SPX chart itself is in a neutral state right now bound by resistance at 7600 (the all-time highs) and support at 7257 (last week's lows), with further support in the 7050-7175 range from late April. There was a gap on the $SPX chart that was filled yesterday, so it is no longer relevant.
Join Larry McMillan as he discusses the current state of the stock market on May 11, 2026.
Whether you think it's MOMO (momentum) or FOMO (Fear Of Missing Out), or whatever, it doesn't really matter. This market is a perfect example of why "overbought does not mean sell." Eventually, sell signals will appear, but so far, we have had no confirmed sell signals.
Join Larry McMillan as he discusses the current state of the stock market on May 4, 2026.
Join Larry McMillan as he discusses the current state of the stock market on April 27, 2026.
Join Larry McMillan as he discusses the current state of the stock market on April 20, 2026.
Join Larry McMillan as he discusses the current state of the stock market on April 13, 2026.
Join Larry McMillan as he discusses the current state of the stock market on April 6, 2026.
Volatility continues to be elevated both in terms of realized and implied. $SPX dropped sharply early in the week as various support levels gave way on the $SPX chart. Of primary concern was the violation of the 6475-6550 support area. Eventually, $SPX bottomed on Tuesday, with a low near 6330 which was also a minor low last August. There should also be support near 6200 (the lows of last July).
