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:::: S&P 500 Index Cash Summary Analysis
By: Marty Armstrong | August 4, 2018

Analysis for the Week of August 06, 2018

OUR ANALYTICAL ANALYSIS AS OF THE CLOSE OF Fri. Aug. 3, 2018: S&P 500 Cash Index closed today at 284035 and is trading up about 6.23% for the year from last year's closing of 267361. So far, we have been trading up for the past day since the reaction low made on Thu. Aug. 2, 2018. We did close above the previous session's high and the market remains quite strong. (Note: We have included reference to Reversals and Short-Term timing considerations in this Summary Analysis, but please keep in mind this is a preview only - these references will be removed from Summary Analysis and moved to our higher levels of market analysis upon the upcoming launch of our expanded platform service.)

From a cyclical perspective, the broader view which provides a map to the future is interesting. Our next yearly target in time for a turning point is 2026. Up to now, the market been consolidating trading within last year's range. The direction into the next target due 2028 will be indictaed whether we close above or below last year's closing of 267361.

The historical major high took place here in 2017 and we have since penetrated the low of last year intraday.

Meanwhile, our technical resistance stands at 327445 and it will require a closing above this level to signal a breakout of the upside is unfolding. Looking at our Reversal System, our next Weekly Bullish Reversal to watch stands at 300408 while the Weekly Bearish Reversal lies at 270190. This provides a 10% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 329920 while the Bearish Reversal lies at 244654. This, of course, gives us a broader trading range of a 25%. Immediately, we closed the last session trading at the 284035, which is below this level on a daily closing basis at this moment. We need to close above this on a weekly basis to signal a rally is unfolding. Right now, the market is trading some 5.45% beneath that level.

A possible change in trend appears due come this month in S&P 500 Cash Index so be focused. The last cyclical event was a low established back during February. Normally, this implies that the next turning point should be a reaction high. However, the market has made a rebound to the upside so we could see a potential reaction high at that time frame. Last month produced a high at 284803 but closed on the positive side and so far, we are trading neutral within last month's trading range of 284803 to 269895. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline.

The Daily level of this market is currently in a full bullish immediate tone with support at 282174. Thus far, we are still within a reactionary phase upone daily session.

On the weekly level, the last important high was established the week of July 23rd at 284803, which was up 24 weeks from the low made back during the week of February 5th. We have been generally trading down to sideways for the past week, which has been a moderate move of .0181% in a reactionary type decline.

The broader perspective, this current rally into the week of July 23rd has exceeded the previous high of 279147 made back during the week of June 11thThis immediate decline has so far held the previous low formed at 253269 made the week of February 5th. Only a break of that low would signal a technical reversal of fortune and of course we must watch the Bearish Reversals. . 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. From a pointed viewpoint, this market has been trading down for the past week.

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 25 weeks. The previous weekly level low was 253269, which formed during the week of February 5th, and only a break of 279514 on a closing basis would warn of a technical near-term change in trend. The last high on the weekly level was 284803, which was created during the week of July 23rd.

Critical support still underlies this market at 244654 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position. 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 29 months. The previous monthly level low was 181010, which formed during February 2016, and only a break of 269199 on a closing basis would warn of a technical near-term change in trend. The last high on the monthly level was 287287, which was created during January.

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