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Replies to post #578995 on $Stock*Shop*Charts*News*Option$
05/01/16 10:06 AM
S&P 500 Cash Index closed today at 2065.3 and is trading up about 1.04% for the year from last year's closing of 2043.94. Thus far, we have been trading down for the past 2 days. following the high established Wed. Apr. 27, 2016. On the weekly level, indeed we have been generally trading down for the past week. This market has been in a bearish consolidation phase for the past 10 months. Some caution is necessary since the last high 2134.72 was important given we did obtain a sell signal from that event established during May 2015.
At this time, my broader analysis anticipation recognizes that the current bearish progression in S&P 500 Cash Index reflects only a temporary reaction within a broader bull market trend since we have not eleceted any Yearly sell signals on our model. Obviously, this market remains in a bullish posture broader-term with underlying support resting at the 1363.98 level. Currently, this market is still trading significantly above this level by about .33%. Resistance conspicuously stands at last year's high of 2134.72. So far, this market has remained in a bearish tone since the 2134.72 major high established back in 2015.
Eyeing the immediate trend is Neutral on the weekly level yet new lows have been made penetrating the week of April 18th's low. However, we closed toward the low of the trading session warning there is still some weakness. This is warning to pay attention since last month had closed higher so the upward momentum is weak on a broader monthly level.
On our Pattern Recognition Model, we see current projections on each time level as follows: Beginning with the yearly level, I see the pattern projection currently on a dynamic basis so far this year is still bullish. Considering the quarterly level, I see that here the pattern status is moving higher. Regarding the pattern model for the monthly level, here I can see our pattern position remains suggesting that this is a Reaction High. Turning now to the weekly level, the pattern status currently is caution pressing lower. Eyeing the daily level, I can see our pattern posture remains spike low. Generally, this market is in an uptrend position on all our weekly indicators for the near term trend. We see here the trend has been moving up for the past 11 weeks. The last weekly level low was 1810.1, which formed during the week of February 8th. The last high on the weekly level was 2111.05, which was created during the week of April 18th. For now on a broader perspective, this market in an uptrend posture looking at the monthly level. Here we have rallied for the past month. The last monthly level low was 1810.1, which formed during February. The last high on the monthly level was 2116.48, which was created during November 2015.
