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S&P 500 Index (SPX) - Reaction High »» Weekly Summary Analysis
By: Marty Armstrong | October 17, 2020

S&P 500 Cash Index closed today at 348381 and is trading up about 7.83% for the year from last year's settlement of 323078. Currently, this market has been rising for 6 months going into October 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.

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 Weekly to Yearly indicating models.

Looking at the indicating ranges on the Daily level in the S&P 500 Cash Index, this market remains moderately bullish currently with underlying support beginning at 343156 and overhead resistance forming above at 349961. The market is trading closer to the resistance 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 been generally trading up for the past 3 weeks from the low of the week of September 21st, which has been a move of .1024%.

Interestingly, the S&P 500 Cash Index has been in a bullish phase for the past 6 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. Immediately, the market is trading within last month's trading range in a neutral position.

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