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Replies to post #64876 on S&P 500 & Nasdaq Analysis and Trends
07/07/18 10:59 AM
WRITTEN OPINION AS OF THE CLOSE Fri. Jul. 6, 2018: NASDAQ Composite Index Cash closed today at 768839 and is trading up about 11% for the year from last year's closing of 690339. So far, we have been trading up for the past 4 days since the low made on Mon. Jul. 2, 2018. We did close above the previous session's high and the market remains positive. Looking at our Reversal System, our next Weekly Bullish Reversal to watch stands at 829224 while the Weekly Bearish Reversal lies at 732096. This provides a 11% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 898254 while the Bearish Reversal lies at 663066. This, of course, gives us a broader trading range of a 26%.
This market on the monthly level has been making new highs which has been a series of successive advances. The last 3 highs have been progressively making higher highs implying we have a bullish run in motion for the past 30 months. The Channel Technical Resistance stands at 789426 for the next session. A closing above that will signal a breakout to the upside once again. Currently, June we are trading above all our Indicating Ranges, which suggests that projected resistance above the market stands at since we have closed higher at the end of the last month 830692.
A possible change in trend appears due come August in NASDAQ Composite Index Cash so be focused. The last cyclical event was a high established back during June. Normally, this implies that the next turning point should be a low. However, the market has been neutral for right now so caution is advisable. Watch the short-term trading levels for a hint of the next directional move into that target time frame. Last month produced a high at 780660 but closed on the weak side and so far, we are trading neutral within last month's trading range of 780660 to 741956. 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.
Our Daily level momentum and trend indicators are both bullish reflecting support forming at 776860. Turning to the broader picture, our long-term trend is bearish while the cyclical strength indicator is bullish providing a mixed perspective of the market beyond the short-term.
On the weekly level, the last important high was established the week of June 18th at 780660, which was up 43 weeks from the low made back during the week of August 21st. We have been generally trading up for the past week from the low of the week of June 25th, which has been a move of.0361%. On the other hand, we have elected all four Weekly buy signals to date.
Critical support still underlies this market at 663066 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 28 months. The last monthly level low was 420976, which formed during February 2016, and only a break of 699114 on a closing basis would signal serious weakness ahead. The last high on the monthly level was 780660, which was created during June. We have generated a buy signal so some caution is required.
