News 
Market Data 
Discover
Replies to post #74609 on Abet Chichi2 (Chichi2)
05/29/22 10:18 AM
S&P 500 Cash Index opened above the previous high and closed above it as well warning of a bullish posture right now. The market closing today at 415824 is immediately trading down about 12% for the year from last year's settlement of 476618. Currently, this market has been rising for 2 months going into May reflecting that this has been only still a bullish reactionary trend. As we stand right now, this market has made a new low breaking beneath the previous month's low reaching thus far 381032 while it is still trading above last month's close of 413193 implying near-term strength.
Up to now, we still have only a 2 month reaction rally from the low established during February. We must exceed the 3 month mark in order to imply a trend is developing.
ECONOMIC CONFIDENCE MODEL CORRELATION
Here in S&P 500 Cash Index, we do find that this particular market has correlated with our Economic Confidence Model in the past. Our next ECM target remains Mon. Apr. 10, 2023. The Last turning point on the ECM cycle low to line up with this market was 2020 and 2009 and 2002. The Last turning point on the ECM cycle high to line up with this market was 2007 and 2000.
MARKET OVERVIEW
NEAR-TERM OUTLOOK
The S&P 500 Cash Index has continued to make new historical highs over the course of the rally from 1974 moving into 2022. We have elected two Bullish Reversals to date. Currently, the market has dropped back and is trading beneath the previous year's close warning of a potential correction in play.
This market remains in a positive position on the weekly to yearly levels of our indicating models.
Solely focusing on only the indicating ranges on the Daily level in the S&P 500 Cash Index, this market remains moderately bullish currently with underlying support beginning at 410601 and overhead resistance forming above at 417504. The market is trading closer to the resistance level at this time.
On the weekly level, the last important low was established the week of May 16th at 381032, which was down 7 weeks from the high made back during the week of March 28th. We have been generally trading up for the past week from the low of the week of May 16th, which has been a move of .0851%.
INTERMEDIATE-TERM OUTLOOK
YEARLY MOMENTUM MODEL INDICATOR
Our Momentum Models are rising at this time with the previous low made 2018 while the last high formed on 2021. However, this market has rallied in price with the last cyclical high formed on 2021 warning that this market remains strong at this time on a correlation perspective as it has moved higher with the Momentum Model.
This market is trading well beneath that high of January which was 481862 by more than 10 percent. Critical support still underlies this market at 399260 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.
DiscoverGold 
