Join Larry McMillan as he discusses the current state of his option-oriented stock market indicators.
A double top is now evident on the $SPX chart in the 2950 area. So for now that is strong resistance. The question is whether we're in a trading range or a stronger downturn is in store.
There are three important support levels: 2800, 2720, AND 2650. I feel that sellers would become more aggressive as each of these were violated on a closing basis. So far, none have been.
Join Larry McMillan as he discusses the current state of his option-oriented stock market indicators.
McMillan Volatility Bands are an alternative approach to John Bollinger's "Bollinger Band" study and developed by world-renowned options trader and author Lawrence G. McMillan. Given his background in options trading, it was natural for Lawrence to approach any volatility-based study in the same manner options are priced – using Black-Scholes definition of volatility.
Stocks continue to rally, as they have been since March 23rd. There was a rather sharp pullback about a week ago, but it merely pulled back to the rising 20-day moving average. After having touched it, $SPX is rallying again.
There is resistance at 2955 -- last week's high -- and it appears that might be challenged again soon. Above there, there are a number of resistance areas near 3000, including the declining 200- day Moving Average.
Join Larry McMillan as he discusses the current state of the stock market.
$SPX managed to climb above the 2880 level this week and moved above 2900. Our initial estimate of resistance in the 2850- 2900 area was thus overcome, and the declining 50-day Moving Average was overcome as well. Now the next resistance level seems to be at 3000, which is where the declining 200-day Moving Average is.
Join option strategist, Larry McMillan, as he discusses the current state of the stock market.
The oversold rally that began on March 23rd has run into some resistance in the 2850 2900 area. The declining 50-day Moving Average of $SPX has, so far, acted as a hindrance towards further upside progress as well.
Join McMillan Analysis Corp. president, Lawrence G. McMillan, as he discusses the current state of our option-oriented indicators and what they are saying about the stock market.
