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 June 15, 2026.
In all, the correction from the early June highs to the lows of this week was about 5%. That was enough to at least temporarily remove the "bullish" designation from the $SPX chart. The Index has now fallen below its 20-day moving average, and there is resistance in the 7500-7520 area. A rise back above that area might be enough to restore the bullish scenario, but for the now the index is in a short-term negative trend.
Join Larry McMillan as he discusses the current state of the stock market on June 8, 2026.
Join Larry McMillan as he discusses the current state of the stock market on June 1, 2026.
This market is the epitome of our phrase, "overbought does not mean sell." It just keeps going higher, and now the rally has broadened enough so that the Dow ($DJX; DIA), NASDAQ-100 ($NDX; QQQ) and Russell 2000 ($RUT; IWM) are all doing the same. All of these indices, including $SPX, have made new all- time closing and intraday highs this week.
Join Larry McMillan as he discusses the current state of the stock market on May 26, 2026.
Three different internal indicators have generated sell signals over the past week or so, but the most important indicator -- the chart of $SPX remains bullish. When these conditions exist, it is usually the chart of $SPX that wins out.
Join Larry McMillan as he discusses the current state of the stock market on May 18, 2026.
