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Replies to post #72176 on Abet Chichi2 (Chichi2)
01/18/20 10:35 AM
OUR ANALYTICAL OUTLOOK AS OF THE CLOSE OF Fri. Jan. 17, 2020: S&P 500 Cash Index opened above the previous high and closed above it as well warning of a bullish posture right now. This market is above all our indicators at this time reflecting it is moving higher over recent activity. It closed today at 332962 and is trading up about 3.05% for the year from last year's closing of 323078. Up to this moment in time, this market has been rising for this market has been rising for 4 months going into January 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 high exceeding the previous month's high reaching thus far 332988 while it is still trading above last month's high of 324793.
At the moment, the market remains unchanged within support still above our system indicators while the long-term trend and cyclical strength are bullish.
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 11 years.
Meanwhile, our technical resistance stands at 339376 and it will require a closing above this level to signal a breakout of the upside is unfolding. Nevertheless, our technical support lies at 227103 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 February 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 December 2019. Normally, this implies that the next turning point should be a low. However, to date, this market has already exceeded that previous high established at 324793. This strongly implies we are in a cycle inversion process, which tends to be rather bullish overall. Last month produced a high at 324793 but closed on the positive side and so far, we have exceeded last month's high. We now need to close above 324793 on a monthly basis to imply a further advance to the upside immediately for now. The projected resistance for this week stands at 337313 and we need to close above this level on a weekly basis to maintain any upward momentum.
Critical support still underlies this market at 284862 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength. 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 12 months. The previous low of 234658 made during December 2018 on the Monthly level has held and only a break of 305072 on a closing basis would warn of a technical near-term change in trend. The previous high made during December 2019 on the Monthly level at 324793 has now been exceeded in the recent rally. We have generated a buy signal so some caution is required.
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