The Greedy Trader Weekly Analysis
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- 6/7/2024 -
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S&P 500 (^GSPC) Technical Analysis

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Summary:
Weekly :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtRelative Strength Index and Lane's Stochastic bearish divergenceTrend resistance at 5329.45
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtMACD bearish divergenceDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARThe price touches the upper Bollinger BandThe Bollinger Bands are historically close together
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It was a first positive week for the S&P 500 (^GSPC). During the week, the ^GSPC gained 69.48 points, or 1.32%, and closed at 5346.99 on Friday, June 7, 2024. Weekly volume was -7% below 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 5375.08 on June 7, 2024. ^GSPC gained -1883.50 points, or -53.94%, in 86 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (5329.45). 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 5375.08 on June 7, 2024. ^GSPC gained -1271.30 points, or -30.98%, in 32 weeks. Price is near the trend high.

Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. 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 below its signal line since April 12, 2024. The distance between MACD and the signal line is low and getting smaller. 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 May 31, 2024 at 5191.68 and reached 5375.08 on June 7, 2024. ^GSPC gained -183.40 points, or -3.53%, in 7 days. The price is now at the 15.32% retracement level.

Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. Daily MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bearish divergence.

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

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.

The price touches the upper Bollinger Band. The distance between the Bollinger Bands (2.86%) is close to one year low (2.65%). It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.14
Williams' Percentage Range (W%R) 17.00
Overbought
Lane's Stochastic (%D-Slow) 81.30
Overbought
Greed/Fear Indicator (GFI) 73.80
Moving Average Converg./Diverg. (MACD) 40.92 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 61.95
Bearish
Williams' Percentage Range (W%R) 4.70
Strong Overbought
Lane's Stochastic (%D-Slow) 86.65
Overbought Bearish
Greed/Fear Indicator (GFI) 79.11
Moving Average Converg./Diverg. (MACD) 169.03
Trading Signals
Description Value Chart
Upper Bollinger Band 5352.05
Daily Stochastic Crossing 5350.07
Price 5346.99
Weekly Stochastic Crossing 5333.58
Quarterly Trendline Resistance 5329.45
20 Day Moving Average 5291.16
Parabolic System 5204.42
Lower Bollinger Band 5199.14
50 Day Moving Average 5190.66
Quarterly Trendline Support 4452.10
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 5191.68
Low Date 05/31/2024
High 5375.08
High Date 06/07/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 4953.56
Low Date 04/19/2024
High 5375.08
High Date 06/07/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 4103.78
Low Date 10/27/2023
High 5375.08
High Date 06/07/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 5329.45
Support 4452.10
Low 3491.58
Low Date 10/13/2022
High 5375.08
High Date 06/07/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 666.79
Low Date 03/06/2009
High 5375.08
High Date 06/07/2024
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.