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.
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.
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 S&P 500 Index (SPX) trend following update today – looking at that March High which was a Weekly Bullish S/R (Support and Resistance Price Level) at $2,860. We’ll see what happens if the selling this week gets down to that area. No predictions, no forecasts. Long Term trend status remains intact: Upward.
The S&P 500 Index following up on last week’s Bullish bounce
On this chart, last week’s High (Weekly High) was $2,860.31. Today, intraday, the price hit $2,860.04 and backed off. We want to see it close over the High to indicate another Bullish trend following signal.