continuing the downward trend
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.
the market sell off continues
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.
So, we’ll see how the week closes.
The stock market going sideways
Trading at $2,872 today, we can see here very clearly The S&P 500 Index is range bound between S/R (Support and Resistance Price Levels) of $2,892 above, and $2,800 below. So nothing really is happening until it elects one of those price reversals.
stock chart of The S&P 500 Index at $2,892
Trend following the Consumer Staples Select Sector Index $IXR $XLP $NEED .. another in a series of routine Weekly Breakouts. The Index is trading at or in excess of a 15% annualized growth rate over a 200 day ma.
stock chart of the Consumer Staples Select Sector Index
Trend following The Nasdaq 100 Index, after the close today, has reestablished it’s momentum at or exceeding a 10% annualized rate of growth, over a 200 day ma.
This is trend following, – no forecasts, no predictions, no personal opinions.
Nasdaq 100 Index