$Stock*Shop*Charts*News*Option$

[DiscoverGold]

S&P 500 Index (SPX) - Pressing Higher »» Daily Summary Analysis
By: Marty Armstrong | September 26, 2020

S&P 500 Cash Index closed today at 329846 and is trading up about 2.09% for the year from last year's settlement of 323078. At the moment, this market has been rising for 5 months going into September suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low. As we stand right now, this market has made a new low breaking beneath the previous month's low reaching thus far 320945 yet it is trading below last month's close of 350031.

The S&P 500 Cash Index has continued to make new historical highs over the course of the rally from 2009 moving into 2020, which has been a run of 11 years warning that timing wise a pause remains possible.

This market is still what we classify as a Bull Market given its strong posture above our Monthly to Yearly indicating models while the Weekly is still positive but showing signs of overhead resistance.

From a perspective using the indicating ranges on the Daily level in the S&P 500 Cash Index, this market remains moderately bearish position at this time with the overhead resistance beginning at 338925 and support forming below at 328557. The market is trading closer to the support level at this time.

On the weekly level, the last important high was established the week of August 31st at 358811, which was up 23 weeks from the low made back during the week of March 23rd. This was a key week for at least a temporary high. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed lower. We are trading below the Weekly Momentum Indicators warning that the decline is very significant and we need to pay attention to the timing and reversals.

Interestingly, the S&P 500 Cash Index has been in a bullish phase for the past 5 months since the low established back in March.

Critical support still underlies this market at 307032 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength.

DiscoverGold

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