After gapping sharply higher on the NVDA earnings (February 22nd), $SPX slowed down a little but did not really pull back strongly. In fact, the Index made another new closing high yesterday. There is still a large gap on the chart (circled in Figure 1 on the upper right), from the post-NVDA reaction, and it would probably be a healthy thing if that gap were closed (a move down to 4983 would accomplish that).
Join Larry McMillan as he discusses the current state of the stock market on February 26, 2024.
Join Larry McMillan as he discusses the current state of the stock market on February 20, 2024.
On Tuesday (February 13th), there was a negative CPI report, and the market fell sharply in two heavy waves of selling. But late in the day, buyers came in and they have been buying the market for the entire rest of the week. So, this seems very similar to the sharp, one-day selloff of late January. It eventually amounted to nothing.
Join Larry McMillan as he discusses the current state of the stock market on February 12, 2024.
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.
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.
