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
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.
trading well under Reversals
Trend following the Dow Jones Industrials Index $DJI today. Looking at the Weekly Reversal (multiple 5% reversals), it is trading well under a major S/R (Support and Resistance Price Level) of $26,184.00. And The Index today is about to cross under 0% annualized growth rate over the past 200 day ma. There are a bunch of RSI “Sells” going back 2 weeks, way in advance of today’s tweet.
Dow Jones 30 Index $DJI Weekly lookbacks Reversal chart:
..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:
Market trend continues upward
Trend following today The Consumer Staples Sector $IXR $XLP which trades upward to a new 52 week high, as The Nasdaq 100 Index $NDX pulls back.
Capital continues to pour into the US, and rotates, notwithstanding the professional doom and gloom crowd. One of the doom indicators they use, and recycle, is volume. They have been saying that since 2008.
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: