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|It was the second negative week after 3 consecutive positive weeks for the S&P 500 (^GSPC). During the week, the ^GSPC gave back -20.76 points, or -0.96%, and closed at 2132.98 on Friday, October 14, 2016. Weekly volume was -16% below average. |
Long-term trend: [See ^GSPC long-term trend chart]
A long-term uptrend had started on March 6, 2009 at 666.79 and reached 2193.81 on August 15, 2016. ^GSPC gained -1527.02 points, or -229.01%, in 388 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 1984.83 and resistance is at 2321.65. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.
Medium-term trend: [See ^GSPC medium-term trend chart]
A medium-term uptrend had started on February 11, 2016 at 1810.10 and reached 2193.81 on August 15, 2016. ^GSPC gained -383.71 points, or -21.20%, in 26 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (2162.44) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since September 16, 2016. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.
Short-term trend: [See ^GSPC short-term trend chart]
A short-term downtrend had started on September 22, 2016 at 2179.99 and reached 2114.72 on October 13, 2016. ^GSPC lost 65.27 points, or 2.99%, in 21 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 2113.34 and resistance is at 2166.31. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.
Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
The distance between the Bollinger Bands is falling, and it was 2.45% on Friday. It is 54.44% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.