Watch McMillan Analysis Corp. president, Larry McMillan, discuss the current state of our option-oriented indicators and what they are saying about the stock market below.
Stocks continue to move higher without much interruption. A very slight pullback last week triggered a couple of sell signals, but those were quickly obliterated by another strong rally this week. The market remains overbought, but "overbought does not mean sell."
$SPX traded and closed at new all-time highs on the last three days. It has now done so 13 times since October 28th. The upward trend is strong, and moving averages are rising quickly along with the Index. There is sup
Watch Option Strategist, Larry McMillan discusses the current state of the option oriented indicators and what they are saying about the stock market.
The broad market, as measured by the S&P 500 Index ($SPX) has continued to rise, making new all-time intraday or closing highs on six consecutive recent trading days, culminating (so far) with November 19th. This move has not been reflected in some of the technical indicators, however, and so there are some divergences, sell signals, and extremely overbought conditions arising.
Watch Larry McMillan, president of McMillan Analysis Corporation, discuss the current state of the stock market. Larry touches on our option-oriented indicators and what they are telling us about the current environment. Watch below or click here.
The broad stock market continues to plow ahead, as $SPX has made new closing or intraday all-time highs on 10 of the last 14 days, including the last two. Thus, momentum is strong and the $SPX chart remains bullish.
There is a modest support level at 3065 (the early November lows) and a more valid support at 3025-3030 (the previous all-time highs). It would be disappointing for the bulls to see 3025 taken out.
For all of you beginners out there, we've recently posted an Option Basics webinar on the McMillan Youtube channel. The seminar was receorded several years ago and is part of our Home Study Course, but most of the information still is relevant. Watch below:
In what will become a semi-regular occurance, McMillan Analysis Corp. President Larry McMillan recorded a video in which he discusses his current stock market outlook. Larry discusses the current state of our option-oriented indicators which are all currently bullish. Watch below or click here.
The broad market is putting on a rather spectacular bullish performance. $SPX has repeatedly gapped to new all-time highs on at least four separate days since October 28th.
There is general support in the area of the old highs, at 3025- 3030. The next lower support at 2950 is crucial to maintaining the bull market. A close below there would be a game-changer, but it doesn't seem to be a problem at this time.
Stocks broke out to new all-time highs this week, finally getting confirmation of a "bullish" status from the $SPX chart. That goes well with the other indicators, which have all been bullish for some time already.
There should now be support near the previous all-time highs, in the 3025-3030 area. Below, there is important support at 2950. A close below there would be negative.
