Investor Alert
Lawrence G. McMillan

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Aug. 7, 2021, 3:40 p.m. EDT

The S&P 500 looks strong — but these ‘internals’ are far less positive

By Lawrence G. McMillan

The S&P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.

But as long as the S&P /zigman2/quotes/210599714/realtime SPX +0.75% chart is positive and above support, a “core” long position is recommended.

The first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.

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Oct. 15, 2021 4:46p

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