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|It was the third consecutive negative week for the S&P 500 (^GSPC). During the week, the ^GSPC gave back -10.53 points, or -0.51%, and closed at 2046.61 on Friday, May 13, 2016. ^GSPC was trading at average weekly trading volume. |
Long-term trend: [See ^GSPC long-term trend chart]
A long-term downtrend had started on May 20, 2015 at 2134.72 and reached 1810.10 on February 11, 2016. ^GSPC lost 324.62 points, or 15.21%, in 38 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 1779.23 and resistance is at 2095.72. 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 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 2111.05 on April 20, 2016. ^GSPC gained -300.95 points, or -16.63%, in 9 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since March 4, 2016. This is an indication that the medium-term trend is up. 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 April 20, 2016 at 2111.05 and reached 2039.45 on May 6, 2016. ^GSPC lost 71.60 points, or 3.39%, in 16 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 2018.30 and resistance is at 2078.91. 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.
The daily MACD line is below its signal line since April 21, 2016. This is an indication that the short-term trend is down.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.