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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

07/24/2010:

Wave {5} up is completed and the index started a longer term downtrend correction wave. In the down move we have probably correction wave (A) completed. The index is making wave (B) up from the support of the 100 week average and the 38.2% Fibonacci retracement. After a small correction the index is moving up again.

The long term SATS2 expert remains red. There is no open long position for long term investment.

Looking at the Elliott count, we may have finished correction wave [2], now followed by a long term wave [3] up. This looks like a very optimistic long term view, most probably to good to be true!

Another possibility is that the index finished a medium term correction wave (A) down and we expect next the medium term correction wave (B) up. Next followed by the wave (C) down, with an index remaining between 950-900 for the construction of the correction wave [2] at a lower point than where the index is now.

However, since a single impulse wave ({1} to {5}) is normally not the end of a correction wave, there is a third possibility: we completed a long term correction wave [B] up and the index started are long term down move for correction wave [C]. This would be the worst case scenario with an index target below 650.

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

Elliott wave count:
The index finished impulse wave {5} up. Completing either a long term correction wave [B] or a higher degree wave [1]. In all cases the long term for the moment is a down move and the short to medium term is an up move.

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Pitchfork:
Price has broken the lower side of the long term up pitchfork.

Fibonacci:
The index fell to the support of the 38.2% Fibonacci retracement

Support/Resistance:
Next support is at 950. There is resistance around 1130, 1150 and 1220.

Indicators:
Indicators are starting an up correction.

SVE_ARSI (14 periods) indicator:
Moving up.

Slow Stochastic:
Turning up.

SVE_RSI_Swing:
Moving up.

SVAPO:
Moving up.

Volume:
Volume is in a vacation trend.

SVE_BB%b_HA (18 periods):
Moving up.

 

SATS2 Expert:
The long term investor is out of the trade, waiting for a new long term buying point.

SVE_Inv_Fish_Stoch:
Turning up.

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