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Replies to post #595301 on $Stock*Shop*Charts*News*Option$
06/02/18 9:28 AM
WRITTEN OPINION AS OF THE CLOSE Fri. Jun. 1, 2018: S&P 500 Cash Index closed today at 273462 and is trading up about 2.28% for the year from last year's closing of 267361. So far, we have been trading up for the past 3 days since the reaction low made on Tue. May. 29, 2018. Considering our Reversal System, our next Weekly Bullish Reversal to watch stands at 276340 while the Weekly Bearish Reversal lies at 265146. This provides a 4.05% 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 this month in S&P 500 Cash Index so be focused. Last month produced a high at 274224 and so far, we are trading neutral within last month's trading range of 274224 to 259462. 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 neutral providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend and cyclical strength indicators are both bullish 271499.
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 seen the market decline further this week dropping to 0 and we are back above resistance which is beginnjing to now form initial support at 267681. The market has bounced from the low this week to close stronger at the immediate close of this session.
Overall, looking at the weekly level on our models, this market has been in a rising trend. We see here the trend has been moving up for the past 16 weeks. The last weekly level low was 253269, which formed during the week of February 5th, and only a break of 270738 on a closing basis would signal serious correction ahead. The last high on the weekly level was 274224, which was created during the week of May 21st.
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. Overall on a broader basis, looking at the monthly level on our models, this market has been in a rising trend. We see here the trend has been moving up for the past 27 months. The last monthly level low was 181010, which formed during February 2016, and only a break of 255380 on a closing basis would signal serious correction ahead. The last high on the monthly level was 287287, which was created during January.
