Trend following The S&P 500 Index (SPX), end of week after the close, closed down on the Week and Up on the Month. (lookbacks). The Index remains in a long term Upward trend. It is trading at or above a 10% annualized rate of growth over a 200 day ma.
We can see on the stock chart below, the The Index has been struggling with S/R (Support and Resistance Price Reversals) at $2,950. The rally momentum has stopped. So this is not a Weekly buy signal. On a Monthly basis, and on a long term Uptrend, sure why not?
S&P 500 Index stock chart, Weekly:
Today the S&P 500 Index has re-established a long term Upward trend. It has crossed above a trend momentum measure of, at or above, a 10% annualized rate of growth over a 200 day ma. Additionally today, it is trading above last weeks high.
Which do you like? The 10 year US Treasury Note today is yielding 2.13%, and many around the world are 0%.
So we’ll see how the day and the week close.
Trend following uses price action, and ignores news, tweets, FaceBook, hot tips, stock and economics “fundamentals”, and bubblevision (television).
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
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: