S&P 500 & Nasdaq Analysis and Trends

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S&P 500 Index (SPX): Summary Analysis
By: Marty Armstrong | March 13, 2024

S&P 500 Cash Index opened above the previous high and closed above it as well warning of a bullish posture right now. This market is above all our indicators at this time reflecting it is moving higher over recent activity. The overall oscillator position is also turning positive at this time. It closed today at 517527 and is trading up about 8.50% for the year from last year's settlement of 476983.

As of now, 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 518926 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. Distinctly, 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.

Focusing on our 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 512797.

On the weekly level, the last important high was established the week of March 4th at 518926, which was up 19 weeks from the low made back during the week of October 23rd. So far, this week is trading within last week's range of 518926 to 505682. Nevertheless, the market is still trading upward more toward resistance than support. A closing beneath last week's low would be a technical signal for a correction to retest support.

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 518926 made 0 week ago. This market has made a new historical high this past week reaching 518926. Here the market is trading positive gravitating more toward resistance than support. We have technical support lying at 510232 which we are still currently trading above for now.

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 9 weeks overall.

INTERMEDIATE-TERM OUTLOOK

Interestingly, the S&P 500 Cash Index has been in a bullish phase for the past 11 months since the low established back in March 2023.

Critical support still underlies this market at 417150 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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