Abet Chichi2

[DiscoverGold]

S&P 500 Index Cash Summary Analysis
By: Marty Armstrong | January 28, 2018

Analysis for the Week of January 29, 2018

THE ANALYSIS PERSPECTIVE AS OF THE CLOSE OF Fri. Jan. 26, 2018: S&P 500 Cash Index closed today at 287287 and is trading up about 7.45% for the year from last year's closing of 267361. So far, we have been trading up for the past 2 days since the reaction low made on Wed. Jan. 24, 2018, but the key low was made 20 days ago on Fri. Dec. 29, 2017 at 267361. Relying on our Reversal System, our next Weekly Bullish Reversal to watch stands at 307214 while the Weekly Bearish Reversal lies at 267360. This provides a 12% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 297260 while the Bearish Reversal lies at 241734. This, of course, gives us a broader trading range of a 18%.

The last event was a low established during 2016.

A possible change in trend appears due come this month in S&P 500 Cash Index so be focused. Last month produced a high at 269497 and so far, we have exceeded last month's high. We now need to close above 269497 on a monthly basis to imply a further advance to the upside immediately for now. The projected resistance for this week stands at 292268 and we need to close above this level on a weekly basis to maintain any upward momentum.

Looking at the near-term level, the market has closed up 47.7% from the last cycle low established during 2016, which has been only a 1 year rally as of last year. Turning to the long-term perspective, the market has still closed on the Yearly level up 4286.5% from the strategic low established during 1974, which has been a 43 year rally from last year.

The Daily level of this market is currently in a full bullish immediate tone with support at 283303

On the weekly level, the last important high was established the week of January 22nd at 287287, which was up 64 weeks from the low made back during the week of October 31st. We have been generally trading up since that low, which has been asharp move of .0745 percent in a stark panic type advance. The broader perspective, this current rally into the week of January 22nd has exceeded the previous high of 269497 made back during the week of December 18th. 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 10 weeks overall.

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 64 weeks. The last weekly level low was 208379, which formed during the week of October 31st, and only a break of that high will see the market move high still. The last high on the weekly level was 287287, which was created during the week of January 22nd, and has now been exceeded in the recent rally.

Critical support still underlies this market at 241734 and a break of that level on a monthly closing basis would warn of a decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength. 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 22 months. The last monthly level low was 181010, which formed during February 2016, and only a break of that high will see the market move high still. The last high on the monthly level was 269497, which was created during December 2017, and has now been exceeded in the recent rally.

• DiscoverGold

Click on "In reply to", for Authors past commentaries