S&P 500 Index–looking at a Major Bearish Reversal

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.

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S&P 500 Index trend following a gap breakout

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.

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For the new readers, this is about pure trend following. No predictions, no forecasts.

Dow Jones Transportation Average

transportation stocks trending up

Trend following the Dow Transports (DJT) – looking at Weekly S/R (Support and Resistance Price Levels) it’s working on another Bullish signal this week.

Dow Jones Transportation Average Index (DJT)

Trend following – No predictions, no forecasts.

The Nasdaq 100 Index – Trend following update

The Nasdaq 100 continues Bullish

The Nasdaq 100 Index (NDX) another Weekly Bullish, so far this week.  “Bullish” as in trend signal.

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Long term, the index is tacking along at, or in excess of, 20 % annualized rate of growth (as of today).

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Notes: for the new readers to this Blog. This is pure long term trend following. We use price action only, to tell us what the trend direction is. We use no stock or economics fundamentals.

S&P 500 Index–trend following end of Week

The Upward stock market trend continues ..

Trend following The S&P 500 Index (SPX), in a long term Upward trend, closed over the High last week, and, over the High last month.

The Long Term Trend is measured over 200 days, at or exceeding a 10% annualized growth rate. Apparently The Interest Rate Yield Curve, is either being mis-reported, or certainly is a non factor, or both.

The S&P 500 Index Weekly Chart, 18 Weeks, Weekly:

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Dow Jones Industrials– momentum

Dow stocks losing momentum

The Dow Jones Industrials Index trend following  at the moment, although in a long term Upward trend, so far has failed to close over the Price Reversals of last Month’s High, last Week’s High, and, yesterday’s High. So it’s fair to say the momentum has stopped. ..and these are not sell signals, .. at the moment.

Chart of the Dow Weeklies today –

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Gold Miners Index – the rally continues

Gold miners holding support, looking Upward

Trend following The Gold Miners Index (GDM), in a strong long term Upward trend, stronger than the S&P 500 Index (SPX), the next Monthly Bullish S/R (Support and Resistance Price level) is found at $661.90. So those already long, will look to nibble some more, and those not long may look to establish a new position at a close over the March High. There are various ETF options, such as the $GOAU. So as usual, all the trend following best practice ideas remain the same, multiple positions, small position size, stop out when your risk parameter is hit. A starting trend following portfolio could be the $GOAU, and the $SPY.

Gold Miners Index (GDM)