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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.

Weekly chart

08/29/2015:

The used chart template is explained HERE.

Last week I wrote: "Last week I mentioned: "I do expect a further move down to create a wave 3 down". We got a big candle down to the low side of the volatility channel, the 100 week average and some price support and past the median line of a downward pitchfork. This may very well be a confirmation of a long term reversal. We must expect a further move down for a wave 3.2, but there will be some retracement for a correction wave 2 before that. Next week possibly the down move will continue".

I mentioned last week that I was expecting some up retracement before a continuation of the down move. This was not the case because the index moved straight to a low around 1865. Wednesday the up reaction started, recovering the complete move down and closing the week higher. We are now at a 50% retracement from the top wave 3.12 and the 3.1 wave down, reaching the median line of a down moving pitchfork and some previous price resistance. Basically I expect the coming week to close lower, possibly after some more retracement.

The longer term SVEPRExp expert system is black. Green means a long position and black a short position for the long term on this weekly chart. You can find more information about SVEPRExp HERE and HERE!

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Pitchfork:
The index reaches the median line of the down moving pitchfork.

Fibonacci:
Long term target at 2114 was reached weeks ago, the reversal started!

Support/Resistance:
There is support at 1850 and resistance at 2050 and 2130.

Indicators:
Moving down, after a double negative divergence.

Fast Stochastic RSI indicator:
Moving down with a negative divergence.

SVEArsiTmaSma:
Moving down with a negative divergence.

SVEPRExp expert system:
The long term investor on a weekly basis has an open short position.

S&P 500 weekly chart

NinjaTrader® charts courtesy of NINJATRADER®

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