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Lawrence G. McMillan

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Oct. 4, 2018, 1:29 p.m. EDT

S&P 500 is displaying some worrisome moves, as bulls hold on

‘Terrible action’ in the number of stocks setting new highs vs. new lows

By Lawrence G. McMillan, MarketWatch

The S&P 500 index last made a new all-time high on Sept. 21, but in the last week it has had several strong opening rallies that seemed to have a chance to challenge those highs. In each case, however, a similar pattern developed: it opened higher, rallied for a little while, and then sold off in the afternoon, finishing with a slight uptick as the bulls refused to let the selling get out of hand.

This may not be a healthy pattern, as far as I’m concerned. Yet the S&P /zigman2/quotes/210599714/realtime SPX +1.45% chart remains bullish in that it is still in an uptrending channel, with higher highs and higher lows. A break of support would be required to change its status away from “bullish.”

+48.23 +1.45%
Volume: 1.54B
Aug. 12, 2020 2:54p
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