News 
Market Data 
Discover
Replies to post #601456 on $Stock*Shop*Charts*News*Option$
06/01/19 9:36 AM
THE ANALYTICAL POSTURE CURRENTLY AS OF THE CLOSE OF Fri. May 31, 2019: S&P 500 Cash Index closed today at 275206 and is trading up about 9.78% for the year from last year's closing of 250685. Up to now, this market has been rising for this market has been rising for 5 months going into June suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low.
Up to this moment in time, the market remains neutral on the momentum indicator yet bearish on the short-term trend indicator while the long-term trend and cyclical strength are bearish.
During this year, we have exceeded last year's high thereby making a new historical major high to date and we have been in a bull market for a reasonable period of 10 years.
Meanwhile, our technical resistance stands at 307667 and it will require a closing above this level to signal a breakout of the upside is unfolding. Nevertheless, our technical support lies at 202439 which is still holding at this time. At this moment, the market remains between these two projections leaving it neutral on a technical basis.
Looking at our timing models, it is possible to witness a turning point come August in S&P 500 Cash Index. Therefore, remember to watch for this possible development at the time. The last cyclical event was a high established back during May. Normally, this implies that the next turning point should be a low. However, the market has move to the downside so we could see a potential reaction low at that time frame. Last month produced a low at 275052 but closed on the weak side and we need to penetrate that level on a monthly closing basis to suggest perhaps a further decline.
Some caution is necessary since the last high 295413 was important given we did obtain one sell signal from that event established during May. Critical support still underlies this market at 260551 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Nevertheless, at this time, the market is still weak trading beneath last month's low. For now on a broader perspective, this market in an uptrend posture looking at the monthly level. We see here the trend has been moving up for the past 5 months. The previous low of 234658 made during December 2018 on the Monthly level. The previous high made during May on the Monthly level at 295413 remains significant technically and only exceeding that level on a closing basis would suggest a reversal in the immediate trend. We have generated a buy signal so some caution is required.
