Abet Chichi2

[DiscoverGold]

S&P 500 Index (SPX) - Turning UP »» Weekly Summary Analysis
By: Marty Armstrong | November 7, 2020

S&P 500 Cash Index closed above our indicating ranges on the Daily level. It closed today at 350944 and is trading up about 8.62% for the year from last year's settlement of 323078. This price action here in November is reflecting that this is within the scope of a bearish reactionary move on the monthly level thus far.

Up to now, we still have only a 1 month reaction decline from the high established during September. We must exceed the 3 month mark in order to imply a trend is developing.

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 Quarterly to Yearly indicating models while the Weekly and monthly levels remain positive but showing signs of overhead resistance.

The perspective using the indicating ranges on the Daily level in the S&P 500 Cash Index, this market remains in a bullish position at this time with the underlying support beginning at 348908.

On the weekly level, the last important low was established the week of September 21st at 320945, which was down 3 weeks from the high made back during the week of August 31st. We have been generally trading up for the past week from the low of the week of October 26th, which has been a move of .0857%.

Looking at the longer-term monthly level, we did see a correction from the key high of February for one month. Since that low, however, we have consolidated for 7 months. Meanwhile, the past seven months has witnessed a rally of 26% percent. A month-end closing below 44855 will warn that the market is losing its upward momentum and should retest support below. It will take generally a monthly closing above 49980 to maintain a near-term upward rally.

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.

DiscoverGold

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