S&P500 Analysis: -Daily -Weekly -Monthly -Template -Formulas -Real-Time - HOME

S&P500 Technical Analysis

Please look at all charts, monthly, weekly and daily before making your own conclusion. You can find HERE a description of the chart template used.

Monthly chart

07/10/2010:

This text will generally only be adapted once every month.

All indicators are moving down.

The index finished June confirming previous month May bearish engulfing candlestick pattern with another bigger black candle down.

June closed below the 200 month average. This does not look good for the coming months. However July started with an up reaction which may last for a couple of months.

You should follow up on the shorter time periods to look for a faster confirmation of changes in price trend. For now we must assume that we are in a long term down trend. The long term wave [1] or wave [B] has come to an end. A further down move after some correction now, is most probable.

Elliott wave count:
After the top in October 2007 the S&P500 made a big {ABC} correction. We have completed a valid long term correction wave {C}down. Either this is the end of the long term correction and the move up is a new long term wave [1] up, now finishing a wave [2] correction. This looks too optimistic. Probably the index has to move at least lower to complete wave [2]. Or in the worst case the index is making a long term [ABC] correction wave, in that case the index will move below 650. We have to follow up in the weekly and daily charts.

For FOREX traders, here I keep FOREX EUR/USD updated charts.

Special offer: "Capturing Profit with technical Analysis"

Pitchfork:
The index fell below the median line of the up pitchfork, now reacting at the lower side of the pitchfork channel.

Fibonacci:
The index retraced to the 38.2% level of the complete last move up and is now making an up correction from this level.

Support/Resistance:

There is only support from the Fibonacci retracement and the lower side of the pitchfork channel around 1010 and next support is at 950. First resistance is around 1230.

Indicators:
All indicators are moving down.

SVE_ARSI (14 periods) indicator:
Moving down.

Slow Stochastic:
Turning down.

SVE_RSI_Swing:
Moving down.

SVAPO:
Moving down.

Volume:
June volume is sustained high in the down trend.

SVE_BB%b_HA (18 periods):
Moving down.

Downtrend reversal confirmed.

 

 

 

Search the Internet

 

S&P500 Analysis Charts: -Daily -Weekly -Monthly -Template -Formulas -SPY Real Time

STOCATA Stocks Technical Analysis HOME