Lawrence G. McMillan

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April 22, 2021, 11:26 a.m. EDT

Here’s why the S&P 500’s outlook keeps looking bullish

By Lawrence G. McMillan

In focus: Use caution, but stay long for now Plus: Potential MVB sell signal, breadth sell signal, and Japanese Yen

On April 16, the major indexes – the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.18% , the Nasdaq-100 /zigman2/quotes/210598364/realtime NDX -0.65% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.06% – all made new all-time highs, but the market had become very overbought. Since then, the broad market has stumbled a bit, but the overall picture remains bullish.

Yes, there are a few sell signals creeping into view, but the trend of the S&P chart is positive: it remains above support, above its still-rising 20-day moving average, and the other major moving averages are continuing to rise.

/zigman2/quotes/210599714/realtime
US : S&P US
4,016.64
-7.25 -0.18%
Volume: 894.97M
May 16, 2022 12:06p
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/zigman2/quotes/210598364/realtime
US : U.S.: Nasdaq
12,306.45
-80.94 -0.65%
Volume: 352,961
May 16, 2022 12:06p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
32,215.28
+18.62 +0.06%
Volume: 131.67M
May 16, 2022 12:06p
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