Below is a weekly chart of the S&P 500.
The S&P 500 bounced off major trend line support during election week and is currently trading above trend line supports. Close to the all time high at 2193 just over +0.5% away. Weekly momentum recently turned bullish again, however may be short lived without an upside breakout with conviction above trend line resistance at all-time-highs and psychological resistance at 2200. If this occurred it would be bullish.
The MACD formed a bearish down-cross several weeks ago with a -ve expanding histogram until a couple weeks ago. Bearish weekly momentum is decreasing. If a bullish up-cross formed in this area it would be bullish, however not my base-case. Stochastics formed bearish lower-highs over the past several weeks, briefly becoming over-bought recently. Momentum has turned bullish again - but for how much longer?
S&P 500 Price Action (SPX), page-22
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Last
2,958.8 |
Change
17.070(0.58%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 2,958.8 | 0.00 | 0.00 |