Weekly Stock Market Commentary 7/18/2025

$SPX remains bullish, making new highs with reasonably strong internals. One sell signal has appeared, though, and others are in overbought conditions.

Stocks have continued to plow ahead, with $SPX making repeated new all-time highs this week. For the most part, these new highs have been accompanied by strong internal indicators, too.

There is no formal resistance with $SPX at an all-time high. There is now support at 6200 (this week’s low, reached on a mini-selling spree when it was rumored that Fed Chair Powell would be replaced), 6150 (the previous highs), 6020-6060 (the gap on the chart, circled in Figure 1), and 5920. Any move below 5920 would be very bearish, but I don’t expect to see that.