$IXM $XLF (ETF) Banks and Financial Stocks, Looking at 52 Weeks, Weekly S/R (Support and Resistance Price Levels) this Reversal area has been in “play” for weeks prior to this week. So, the mass media talk about interest rates, where were they a few weeks go?
The US stock market apocalypse and catastrophe bloggers, teevee pundits, and podcasters will have to push off their doom predictions (personal opinions) into the future again. The S&P 500 Index is taking out Monthly, Weekly, and Daily S/R (Support and Resistance Price Levels) aka Price Reversals. The chart below is the Index Monthly S/R Price Level.
Looking at the $2,940 Price Reversal which occurred back in September 2018. This Monthly, Quarterly and Yearly S/R (Support and Resistance Price Level), is the next Major Price Reversal. The Index has closed over the previous Monthly Bullish Reversals, since the December low, indicating indicating Upward or Bullish momentum on a Monthly basis.
These Bullish (Sept.) and Bearish (Dec.) Price Reversals correspond to The 52 Week High of $2,940 (September) and The 52 Week Low of $2,346 (December). The Index is 4% under the 52 Week High (theTtarget) and 20% over the 52 Week Low, and 80% of the 52 Week High.
The Weekly S/R is at $2,805. So, a close this week over $2,805 is a continuation of the Bullish momentum., a close under, Bearish.
#SPX #SP500 #SPY #trendfollowing The S&P 500 Index today closed at $2,822, up on the Weekly, up on the Monthly, and up on the Quarterly lookbacks. And, closed over the major S/R (Support and Resistance Price level) of $2,816, which is a major Price Reversal back in November 2018.