S&P 500 Price Action (SPX), page-2

The S&P500 sure has put up an awesome fight. Hats of to the FED.

The weekly chart of the all sessions S&P500 cfd shows just how strong that fight has been. FED 1, Mr Market 0 - but are things about to change?

Bullish PA has been remarkable of late with some weakness only showing up last week after what could be a false breakout of DT resistance. This region is starting to get clogged up with several support/resistance areas, however stronger regions of support would be in the 2040 - 2050 area with resistance in the 2110 - 2120 area.

MACD on the chart had a bullish up-cross during late Q1 with an expanding +ve histogram. However last week the histogram stalled at 14.8 the same as the previous week. This indicates weakness of the bullish momentum is occurring. This could continue building over the next few weeks if price doesn't convincingly breakout above resistance levels.

Stochastics has formed bullish higher lows with %K (83.62) now in the bullish continuation region. Until this falls below 80.0 this indicator will remain bullish.

The conflicting signals on the weeklies compared to the monthlies are apparent. However when comparing charts on different timeframes, unless you are a ST investor (<1yr) it pays to obey signals from longer term charts while keeping in mind the shorter term volatilities. DYOR.