S&P 500 & Nasdaq Analysis and Trends

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S&P 500 Index (SPX): Summary Analysis
By: Marty Armstrong | February 14, 2024

S&P 500 Cash Index opened below the previous low and closed beneath it as well warning of a bearish posture right now. It closed today at 495317 and is trading up about 3.84% for the year from last year's settlement of 476983. Caution is required for this market is starting to suggest it may now decline on the MONTHLY level.

Presently, this market has been declining for going into 2024 reflecting that this has been only still a bearish reactionary trend. As we stand right now, this market has made a new high exceeding the previous year's high reaching thus far 504839 while it is still trading above last year's high of 479330.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The S&P 500 Cash Index has continued to make new historical highs over the course of the rally from 1974 moving into 2024. Noticeably, we have elected two Bullish Reversals to date.

This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.

The perspective using 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 490697 and overhead resistance forming above at 496905. 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 February 5th at 503006, which was up 15 weeks from the low made back during the week of October 23rd. So far, this week is has moved to the upside exceeding last week's high of 503006 reaching 504839. A closing above last week's high would be a technical signal that the advance is still in motion just yet. This makes the current rally 1 weeks to date. .

When we look deeply into the underlying tone of this immediate market, we see it is currently still in a semi neutral posture despite declining from the previous high at 503006 made 0 week ago. This market has made a new historical high this past week reaching 503006. We have exceeded that high suggesting the market is still pushing upwards.

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. Looking at this from a wider perspective, this market has been trading up for the past 5 weeks overall.

INTERMEDIATE-TERM OUTLOOK

Interestingly, the S&P 500 Cash Index has been in a bullish phase for the past 10 months since the low established back in March 2023.

Critical support still underlies this market at 423850 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.

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