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Replies to post #72564 on Abet Chichi2 (Chichi2)
DiscoverGold
11/01/20 8:39 AM
#72572 RE: DiscoverGold #72564
S&P 500 Cash Index closed below our indicating ranges on the Daily level. It closed today at 326996 and is trading up about 1.21% for the year from last year's settlement of 323078. This price action here in November is reflecting that this is within the scope of a bearish reactionary move on the monthly level thus far. Up to now, we still have only a 1 month reaction decline from the high established during September. We must exceed the 3 month mark in order to imply a trend is developing. The S&P 500 Cash Index has continued to make new historical highs over the course of the rally from 2009 moving into 2020, which has been a run of 11 years warning that timing wise a pause remains possible. This market is still what we classify as a Bull Market given its strong posture above our Quarterly to Yearly indicating models while the Weekly and monthly levels remain positive but showing signs of overhead resistance. DAILY OVERVIEW The perspective using the indicating ranges on the Daily level in the S&P 500 Cash Index, this market remains in a bearish position at this time with the overhead resistance beginning at 332754. The S&P 500 Cash Index made a new low today. Interestingly, this market opened lower making a new low down 0.79% under the previous low which was a sharp decline intraday but we closed back above the previous low but still closed lower at the end of the day. Nevertheless, the market still closed above the opening print hinting of finding some support. This market has closed lower for this week compared to last week's closing of 346539. Nevertheless, the market has plunged significantly again by 3.20%. Up to now, the market has declined for the past 10 days amounting to a near-term correction. Immediately, we do see that there is technical overhead resistance standing at 332164. The market must exceed 330223 during the next session and close above the high of today fixed at 330493 to indicate a bounce is possible. However, this market finished weak on our momentum indicators at the closing. WEEKLY OVERVIEW On the weekly level, the last important low was established the week of September 21st at 320945, which was down 3 weeks from the high made back during the week of August 31st. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed beneath that low which was 341534. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are trading below the Weekly Momentum Indicators warning that the decline is very significant and we need to pay attention to the timing and reversals. Weekly Indicating Ranges Immediate Trend .......... bearish Short-Term Momentum ...... bearish Short-Term Trend ......... bearish Intermediate Momentum .... neutral Intermedia Trend ......... bullish Long-Term Trend .......... bullish Cyclical Strength ........ bullish Broadest Trend ........... bullish