S&P 500

can drop down to 2080

Note

First stop at 2127

Note

Critical support still underlies this market at 203968 and a break of that level on a monthly closing basis would warn of a decline ahead becomes possible.The last monthly level low was 181010, which formed during February 2016 . The last high on the monthly level was 230099, which was created during January 2017. We see that the trend should change come this month so pay attention to events ahead.

Note

The last monthly level low was 181010, which formed during February 2016, 2016. The last high on the monthly level was 230099, which was created during January. We see that the trend should change come this month so pay attention to events ahead.

Note

On the weekly level, the last important high was established the week of February 27th at 240098, which was up 17 weeks from the low made back during the week of October 31st. We have been generally trading up since that low, which has been a sharp move of 7.49% percent in a stark panic type advance. The broader perspective, this current rally into the week of February 27th has exceeded the previous high of 227753 made back during the week of December 12th. We have seen a rally so far from the last low at 208379 made the week of October 31st, and only a break of that low would signal a technical reversal of fortune.

Trade active

We should see a trend change come April in S&P 500 Cash Index so pay attention to events ahead. Last month produced a high at 237154 and so far we have broken beneath last month's low 227165 closing yesterday at 237260. We now need to close beneath 227165 on a monthly basis to imply a technical reversal of trend to the downside for now. As of the close of Fri. Mar. 10, 2017, the market is immediately in a neutral position for right now. S&P 500 Cash Index closed today at 237260 and is trading up about 5.97% for the year from last year's closing of 223883

Note

Bearing in mind the immediate momentum is Bullish on the weekly level yet we did penetrate the week of March 13th's low. This is warning to pay attention since last month had closed higher so the upward momentum is weak on the monthly level. as of the close of Fri. Mar. 24, 2017, the market is immediately in a neutral position for right now with a distinct bearish undertone suggesting caution on the daily level yet this market is still trading above the December 2016 high. S&P 500 Cash Index closed today at 234398 and is trading up about 4.69% for the year from last year's closing of 223883.

fatboy007

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.