SPX lacks a trend
Since April 2023, the Standard & Poor's 500 index has been going sideways, primarily fluctuating between $4,050 and $4,200. During this time, ADX has declined substantially on the daily time frame, reflecting the lack of a directional trend. We continue to be bearish on the index while waiting for a breakout from the narrow range.
Illustration 1.01
Illustration 1.01 displays the same setup we introduced recently (with a bearish trigger below Support 1 and tight stop-loss above it); the significance of Support 1 grew with the breakout on 4th May 2023 (when it successfully halted the price decline).
Technical analysis gauge
Daily time frame = Neutral
Weekly time frame = Neutral
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01
Illustration 1.01 displays the same setup we introduced recently (with a bearish trigger below Support 1 and tight stop-loss above it); the significance of Support 1 grew with the breakout on 4th May 2023 (when it successfully halted the price decline).
Technical analysis gauge
Daily time frame = Neutral
Weekly time frame = Neutral
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.