The Silver ETF (SLV) $SLV is trading Bullish long term. We want to see it trade and stick above resistance at $24.01, as depicted in the stock chart below. This will indicate continuing bullish price action. Silver is trading stronger than gold on a relative strength basis, long term.
The S&P 500 Index, Long term Bullish, today failed on the daily, .. there is an S/R zone (support and resistance) just below at $3,644, as shown on the stock chart below. We’ll see what happens at this level.
The S&P 500 Index (SPX) $SPX today closed the week at a new all time closing high. It did not quite make a new all time high. The weekly stock chart below shows the price action. The Index is trading above the trend filter. There is nothing not Bullish going on here. The cycle inversion is asserting itself. Pure trend investing, no personal opinions.
Interestingly the S&P 500 Index $SPX has closed over the Monthly High in October of $3,549.85, Bullish monthly. Similarly, The Index is trading over last week’s High. And today, it opened higher and closed higher than yesterday’s high, Bullish daily. The Index has tried, but failed, to close over the Monthly High, and all time High, in September of $3,588.11. A cycle inversion may be in progress here, we’ll wait and see. Stock chart below.
No forecasts, no predictions. ..this is pure Trend Investing.
On pure trend investing analysis, we want to see the Dow Jones 30 Index $DJI close over $28,194, by the end of the week, as displayed on the stock chart below. This is a significant area of price resistance. There are multiple price reversals in this area. The Dow is trading below the trend filter, as shown in the second stock chart below, bottom panel.
Trend investing – no forecast, no prediction. We can see significant support at the $3,231 price level. This is an area of at least three price reversals and subsequent rally. So at this level it held and bounced. A close under this area would indicate a negative market, having failed the long term trend filter. A failure to hold support would indicate a lower monthly high, and a lower monthly low, indicated in the stockchart below.
The S&P 500 Index (SPX) $SPX today is crossing from above to below the long term trend filter. The stock chart below shows the indicator in the lower panel. Also, the index is breaking to the downward side on 5 day, and also 21 day channels.