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Replies to post #594026 on $Stock*Shop*Charts*News*Option$
03/31/18 9:37 AM
THE ANALYSIS PERSPECTIVE AS OF THE CLOSE OF Thu. Mar. 29, 2018: S&P 500 Cash Index closing today of 264087 so far is trading down about 1.22% for the year from last year's closing of 267361. So far, we have been trading up for the past 4 days since the reaction low made on Fri. Mar. 23, 2018. Employing our Reversal System, our next Weekly Bullish Reversal to watch stands at 265775 while the Weekly Bearish Reversal lies at 257823. This provides a 2.99% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 329920 while the Bearish Reversal lies at 244654. This, of course, gives us a broader trading range of a 25%.
The last event was a low established during 2016.
A possible change in trend appears due come April in S&P 500 Cash Index so be focused. Last month produced a low at 253269 and so far, we are trading neutral within last month's trading range of 283596 to 253269. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline.
Observing the near-term level, the market has closed up 47.7% from the last cycle low established during 2016, which has been only a 1 year rally from that event. However, from the long-term perspective, the market has still closed on the Yearly level up 4286.5% from the strategic low established during 1974, which has been a 43 year rally from that key event.
Our Daily level momentum is bullish while the trend indicator is bearish providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend and cyclical strength indicators are both bearish reflecting resistance forming at 258589.
On the weekly level, the last important low was established the week of February 5th at 253269, which was down 2 weeks from the high made back during the week of January 22nd. We have been generally trading up for the past week from the low of the week of March 19th, which has been a move of.0324 percent.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Addressing the direction of this trend, we have been moving down for the past 2 weeks. The last high on the weekly level was 280190, which was created during the week of March 12th. The last weekly level low was 253269, which formed during the week of February 5th, and only a break of 258589 on a closing basis would signal serious correction ahead. However, we still remain above key support 262245 on a closing basis.
Critical support still underlies this market at 244654 and a break of that level on a monthly closing basis would warn of a sustainable decline ahead becomes possible. On a broader perspective, this market remains in an uptrend posture on all our indicators looking at the monthly level. We see here the trend has been moving up for the past 24 months. The last monthly level low was 181010, which formed during February 2016, and only a break of 268236 on a closing basis would signal serious correction ahead. The last high on the monthly level was 287287, which was created during January.
