continuing the downward trend
As noted in a previous post, the $2,800 area is a major S/R (Support and resistance price reversal level). Today, intraday, looking at the weekly lookbacks, the Index has ‘elected’ this bearish reversal.
S&P 500 Index stock chart
The long term Bullish Trend stopped on May 8th. The price dropped under the 200 day ma of 10% annualized growth rate.
the market sell off continues
Trend following, no predictions, no forecasts, The S&P 500 Index (SPX), trading at $2,809, is approaching today a major Price Reversal today. Looking at the Weeklies, there is a major Bearish Price Reversal at $2,801, as shown on the stock chart. The Index traded under a 10% annualized rate of growth over 200 days ma, on May 7th.
So, we’ll see how the week closes.
The stock market going sideways
Trading at $2,872 today, we can see here very clearly The S&P 500 Index is range bound between S/R (Support and Resistance Price Levels) of $2,892 above, and $2,800 below. So nothing really is happening until it elects one of those price reversals.
stock chart of The S&P 500 Index at $2,892
Trend following The S&P 500 Index today, trading at $2,811 at the moment, is trading under last month’s low of $2,848 and under last week’s low of $2,825, but above a major Price Reversal of $2,799 on the Weekly as shown on the stock chart below. If it rejects this level, and then closes higher on the Weekly, that will be a long term Bullish…aka BTD, or “Buy The Dip”.
S&P 500 Index Weekly
Trend following the S&P 500 Index this morning. It is challenging that gap Up Breakout back on April 1st (red circle on the chart). That was the market valuation then at $2,845, todays valuation is $2,845. And obviously the market bought that as undervalued.
So we’ll see what the market values today and this week. The all time highs, 52 week highs, the new highs, are all pretty much irrelevant at this point. Those Highs have been rejected, or, not elected. Can the market get back up there? ..of course.
For the new readers, this is about pure trend following. No predictions, no forecasts.
..the Bull trend continues ..
Trend following The S&P 500 Index $SPX end of week,.. another Upward week over week.
The Index remains in a strong Upward trend, at or exceeding, over a 200 day ma, 15% annualized growth rate.
The Weekly chart:
The 15% annualized growth rate chart:
The S&P 500 Index this week, closed at $2,939.88. which is a close over last week’s High, of $2,918, and over last Month’s High which was $2,860. So this is another in a continuing series of Bullish trend following signals, whether they be Daily, Weekly, Monthly. As of today the Index is trending at or in excess of a 15% annualized rate of growth over a 200 day ma look back. The Index has yet to close over the all time intraday High of $2,940. 91.
This chart is the S&P 500 Index Weeklies:
