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S&P500 Technical Analysis

Please look at all charts, monthly, weekly and daily before making your own conclusion.

Monthly chart

03/06/2010:

Most indicators are decelerating and turning down.

The candles at the last top, make up a bearish engulfing pattern, however not confirmed with a lower closing price, but the up move is not confirmed with higher volume.

You should follow up on the shorter time periods to look for a faster confirmation of a new long term downtrend. For now it will be better to close long positions and watch out what is coming next.

Elliott wave count:
After the top in October 2007 the S&P500 made a big {ABC} correction. We have a valid long term wave {C}, but it looks like we will get another zigzag extension down, with the [B]-correction wave up now probably finished and starting the long term wave [C] down. You have to follow up in the weekly and daily charts. If 1150 is broken we will have to review the Elliott count.

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Pitchfork:
The index has fallen back to the median line.

Fibonacci:
The index is turning down from the resistance of the 50% retracement level of the last correction wave {C}.

Support/Resistance:

Closest by support is at 1020 and at around 955 and next the Fibonacci level at 23.6%. The resistance is at 1150.

Indicators:
Most indicators are decelerating and are turning down.

SVE_ARSI (14 periods) indicator:
Moving up.

Slow Stochastic:
Flat.

SVE_RSI_Swing:
Turning down.

SVAPO:
turning down .

Volume:
February volume is up in the up move.

SVE_BB%b_HA (18 periods):
Turning down.

 

 

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