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Replies to post #601534 on $Stock*Shop*Charts*News*Option$
06/08/19 8:18 AM
THE ANALYSIS PERSPECTIVE AS OF THE CLOSE OF Fri. Jun. 7, 2019: S&P 500 Cash Index closed today at 287334 and is trading up about 14% for the year from last year's closing of 250685. Up to this moment in time, 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. As we stand right now, this market has made a new low breaking beneath the previous month's low reaching thus far 272881 while it is still trading above last month's close of 275206 implying near-term strength.
Up to now, the market remains bullish on the short-term levels of our indicators while the long-term trend and cyclical strength are neutral.
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.
A possible change in trend appears due come August in S&P 500 Cash Index so be focused. 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 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 low at 275052 but closed on the weak side and so far, we have broken beneath last month's low 275052 closing yesterday at 287334. We now need to close below 268183 on a monthly basis to imply a continued decline is possible.
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.
