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Advanced TA SearchArchive - 3/8/2024 - Sign In to see current Signals. |
S&P 500 (^GSPC) Technical Analysis
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| Summary:
| | Weekly : | | Daily : Move cursor over the icon to see details.
| | 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.
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