The Greedy Trader Weekly Analysis
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Price vs. Upper Bollinger Band:Crossover
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Bollinger Band crossover - Stock market timing signal.

The Bollinger bands indicator developed by John Bollinger in the early 1980s is one of the most popular and powerful trading tools. These bands are charted two standard deviations away from a simple moving average, and they provide a relative definition of high and low. Bollinger bands trading technique uses one band as an entry point exit of the other. The center band presents a neutral support/resistance level. As with most indicators, signals generated by bollinger band crossover should be confirmed using complimentary indicators.

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- 3/8/2024 -
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S&P 500 (^GSPC) Technical Analysis

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Summary:
Weekly :Relative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtStochastic has declined below the signal lineRelative Strength Index and Lane's Stochastic bearish divergenceTrend resistance at 5120.02
Daily :Williams' Percentage Range is strongly overboughtStochastic has declined below the signal lineLane's Stochastic bearish divergenceDaily  MACD line has moved below its signal line
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It was the negative week for the S&P 500 (^GSPC). During the week, the ^GSPC gave back -13.39 points, or -0.26%, and closed at 5123.69 on Friday, March 8, 2024. Weekly volume was 11% above average.

Long-term trend: [See ^GSPC long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 3491.58 and reached 5189.26 on March 8, 2024. ^GSPC gained -1697.68 points, or -48.62%, in 73 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (5120.02). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See ^GSPC medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 4103.78 and reached 5189.26 on March 8, 2024. ^GSPC gained -1085.48 points, or -26.45%, in 19 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 5073.53 and resistance is at 5173.71. 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 medium-term trend.

Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Weekly Relative Strength Index and Lane's Stochastic have bearish divergence. Use the following links to access the Relative Strength Index and Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index and Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See ^GSPC short-term trend chart]
A short-term uptrend had started on January 5, 2024 at 4682.11 and reached 5189.26 on March 8, 2024. ^GSPC gained -507.15 points, or -10.83%, in 63 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 5083.41 and resistance is at 5266.97. A Broadening Ascending 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Daily Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bearish divergence.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.14
Williams' Percentage Range (W%R) 9.20
Strong Overbought
Lane's Stochastic (%D-Slow) 64.25
Bearish
Greed/Fear Indicator (GFI) 73.06
Moving Average Converg./Diverg. (MACD) 61.62
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 85.60
Overbought Bearish
Williams' Percentage Range (W%R) 2.30
Strong Overbought
Lane's Stochastic (%D-Slow) 92.44
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 85.15
Overbought
Moving Average Converg./Diverg. (MACD) 148.89
Trading Signals
Description Value Chart
Weekly Trendline Resistance 5266.97
Monthly Trendline Resistance 5173.71
Upper Bollinger Band 5169.35
Weekly Stochastic Crossing 5148.65
Daily Stochastic Crossing 5133.12
Price 5123.69
Quarterly Trendline Resistance 5120.02
Weekly Trendline Support 5083.41
Monthly Trendline Support 5073.53
Parabolic System 5062.41
20 Day Moving Average 5060.85
Lower Bollinger Band 4941.52
50 Day Moving Average 4924.02
Quarterly Trendline Support 4246.88
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 5056.82
Low Date 03/05/2024
High 5189.26
High Date 03/08/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 5266.97
Support 5083.41
Low 4682.11
Low Date 01/05/2024
High 5189.26
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 5173.71
Support 5073.53
Low 4103.78
Low Date 10/27/2023
High 5189.26
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 5120.02
Support 4246.88
Low 3491.58
Low Date 10/13/2022
High 5189.26
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 666.79
Low Date 03/06/2009
High 5189.26
High Date 03/08/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.