Join Larry McMillan as he discusses the current state of the stock market on May 6, 2024.
The oversold rally that began in late April swiftly reached the declining 20-day Moving Average of $SPX, and that is typically about the extent of such rallies. True to form, the Index fell back sharply from there. This reinforces a negative interpretation of the $SPX chart, for there is now a downtrend in place (roughly along the route of the declining 20-day Moving Average). Overheard, there is resistance at 5150-5180 and then at the all-time highs of 5260.
Join Larry McMillan as he discusses the current state of the stock market on April 29, 2024.
Join Larry McMillan as he discusses the current state of the stock market on April 15, 2024.
For quite some time the $SPX chart has been able to rely on support at 5050. The market traded in an area between 5050 and 5180 for nearly a month from mid-February through mid-March. But now that 5050 level has been breached, and selling has intensified. The fact that $SPX was trying to hold that 5050 level for several days means that it has now become resistance. There are other resistance levels at 5150 and 5260, the all-time highs.
Join Larry McMillan as he discusses the current state of the stock market on April 15, 2024.
Join Larry McMillan as he discusses the current state of the stock market on April 8, 2024.
Things were rolling along pretty smoothly, with $SPX having made new all-time closing and intraday highs on March 28th. There was a little pullback at the beginning of this week, with a modest deterioration in some of the market internals, but it did not appear to be significant. In fact, by noon on Thursday April 4th, $SPX was well on its way to challenging those highs once again. Then, a Fed Governor (Neel Kashkari) made some hawkish statements and selling swamped the market.
