These charts suggest the bears aren’t done with the stock market yet

Site SearchClearSEARCHAdvanced Search ➔Search ResultsSymbolsNo results foundAll NewsArticlesVideoPodcasts0 ResultsNo Results FoundAuthorsNo results foundSectionsNo results foundColumnsNo results found Lawrence G. McMillanOpinion: These charts suggest the bears aren’t done with the stock market yetEven savvy institutional investors are wary of ‘buying the dip’Last Updated: March 19, 2026 at 7:12 p.m. ETFirst Published: March 19, 2026 at 4:12 p.m. ETShareResizeListen(9 min) Photo: AFP via Getty ImagesThe bears clearly have control of the stock market — no “buy” signals are appearing that would counter the negativity. The S last week, the benchmark index broke its December low, signaling further deterioration.Lower highs and lower lows on the SPX chart is bearish, as is the fact that the shorter-term moving averages and “modified Bollinger Bands” are heading lower. There is support at the 6,500 to 6,550 level, which encompasses the market’s November lows. The 200-day moving average is around 6,610, but it’s unclear if that will provide support or not. Institutional investors sometimes like to buy at that MA, but the fundamentals may be deterring them now. About the Author Lawrence G. McMillanLawrence G. McMillan is a columnist for MarketWatch and editor of the "MarketWatch Options Trader" newsletter. He is president of McMillan Analysis, an investment and commodity-trading adviser.Show Conversation (0)Back To TopA Dow Jones CompanyCopyright © 2026 MarketWatch, Inc. All rights reserved.Terms of UsePrivacy NoticeCookie NoticeArchive MarketwatchCustomer CenterContact UsNewslettersNewsroom RosterVirtual Stock ExchangeMarketWatch GuidesCopyright PolicyManage NotificationsCancel My SubscriptionCompanyDow JonesCode of ConductCorrectionsReprints & LicensingDigital Self ServiceYour Ad ChoicesCorporate SubscriptionsAccessibilityDow Jones NetworkThe Wall Street JournalBarron'sInvestor's Business DailyFinancial News Londonrealtor.comMansion GlobalDow Jones Smart MoneyIntraday Data provided by FACTSET and subject to terms of use. Historical and current end-of-day data provided by FACTSET. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.