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S&P 500 Index Cash
By Martin Armstrong

* February 18, 2017

Analysis for the Week of February 20, 2017

As of the close of Fri. Feb. 17, 2017, the market is immediately in a bullish posture near-term suggesting it is quite strong trading above the December 2016 high, however this was an inside trading day so technical closing support lies at 233887 and a close beneath that will suggest a retest of support first. S&P 500 Cash Index closed today at 235116 and is trading up about 5.01% for the year from last year's closing of 223883. Thus far, we have been trading down for the past day, but this has been an inside trading session warning caution following the high established Thu. Feb. 16, 2017.

On the weekly level, the last important high was established the week of February 13th at 235131, which was up 15 weeks from the low made back during the week of October 31st. We have been generally trading up since that low, which has been a significant move of 12% percent in a stark panic type advance. The broader perspective, this current rally into the week of February 13th has exceeded the previous high of 217999 made back during the week of September 19th. We have seen a rally so far from the last low at 208379 made the week of October 31st, and only a break of that low would signal a technical reversal of fortune. Otherwise, the market remains strong at this time. Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 22 weeks overall. Interestingly, the S&P 500 Cash Index has been in a bullish phase for the past 11 months since the low established back in February 2016.

Critical support still underlies this market at 203968 and a break of that level on a monthly closing basis would warn of a decline ahead becomes possible. Currently, this market remains in an uptrend posture on all our indicators looking at the weekly level. We see here the trend has been moving up for the past 15 weeks. The last weekly level low was 208379, which formed during the week of October 31st, 2016. The last high on the weekly level was 235131, which was created during the week of February 13th. On a broader perspective, this market remains in an uptrend posture on all our indicators looking at the monthly level. We see here the trend has been moving up for the past 11 months. The last monthly level low was 181010, which formed during February 2016, 2016. The last high on the monthly level was 230099, which was created during January. We see that the trend should change come this month so pay attention to events ahead.

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