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S&P500 Update.
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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.
Weekly chart
03/06/2010:
The index is coming very close to an important price level. If the index breaks above 1150, we have to review the Elliott count. Most probably we are then finishing a wave {5} bringing price up to the resistance of the 200-weeks average, another 100 points higher.
The first possibility is that 1150 is not broken. Then we stay with the scenario of a long term downtrend below 650 with a wave [C] down.
If 1150 is broken, we have a big change. Since a single impulse wave can not be the end of a correction wave, we have the second possibility that we either started a long term up move since the price bottom and we expect then a correction wave 2 of a higher degree followed by a long term wave 3 up move. To good to be true?
However even if 1150 is broken, there is a third possibility. With the wave {5} we finish a medium term correction wave A up and we expect next the medium term correction wave B down, with an index remaining above 650 and most probably higher. So, if the index now moves above 1150, this seems to me the most probable scenario for the near future.
Elliott wave count:
We will have to see if short term 1150 is broken to make a decision on the Elliott count for the near future.
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Pitchfork:
Price is touching the median line of the pitchfork again. A further up move along this line is possible.
Fibonacci:
Next targets are at 1150 and 1250.
Support/Resistance:
There is support at 1050, 1020 and 950. There is resistance at 1150.
Indicators:
All indicators (except SVAPO) are showing a hidden divergence that may push the index higher and there is room for a further up move.
SVE_ARSI (14 periods) indicator:
Moving up with a hidden divergence.
Slow Stochastic:
Moving flat in overbought area.
SVE_RSI_Swing:
Moving up with a hidden divergence.
SVAPO:
Moving down.
Volume:
Last week up move with less volume.
SVE_BB%b_HA (18 periods):
Moving up after a hidden divergence with the index.
SATS2 Expert:
The long term trader is still holding the long position with the SATS2 expert.
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