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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.
The used chart template is explained HERE.
Last week I wrote: "In my comment of last week I mentioned that we could expect some more retracement. That is what we got the past week. For the coming week I have to repeat that we should expect a continuation of the started down move towards the 50 week SMA (1835) and the low side of the volatility channel the coming weeks.".
Even with indicators moving down the index manages to go up making a new wave top 3.9 in the weekly chart, but closing below the previous top 3.8. Does that mean the bulls are giving up the 2000 target? Probably not, but technically we should expect once more a correction. So, we may have a double top formation. If you have doubt about BBS, have you noticed that the BBS Band Break System used on the weekly chart here, took a long trade August 17 2012 at 1418.16 and that we are closing at 1988.44 on August 22, 2014. A profit of 570.28 or 40.2%.
The longer term SVEPRExp expert system is green again. 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!
For FOREX traders; here I keep updated FOREX EUR/USD charts.
Learn technical analysis with: "Capturing Profit with technical Analysis"
Index rising towards the high side of the last best fitting up moving pitchfork.
Long term up target reached in the monthly chart.
There is support at 1900-1830-1725.
Turning down with an extended negative divergence between tops 3.6 and 3.8.
Fast Stochastic RSI indicator:
Slow Stochastic RSI indicator:
SVEPRExp expert system:
The long term investor on a weekly basis has an open long position.
NinjaTrader® charts courtesy of NINJATRADER®