Lawrence G. McMillan
S&P 500 shows stronger support at 3970. A close below 3950 would be bearish
The stock market, as measured by the S&P 500 Index SPX, improved this week, as SPX broke out to the upside, through the downtrend line that had existed for most of February and March. That doesn’t mean that the SPX chart is outright bullish, though, for there is formidable resistance at both 4200 and 4300. It’s just not a bearish chart right now.
Several indicators are overbought at this time, and some of them might be issuing sell-signals soon. In addition, SPX has advanced above its +3σ “modified Bollinger Band.” The McMillan…