- 9/15/2023 -
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S&P 500 (^GSPC) Technical Analysis
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|It was the negative week for the S&P 500 (^GSPC). During the week, the ^GSPC gave back -7.17 points, or -0.16%, and closed at 4450.32 on Friday, September 15, 2023. ^GSPC was trading at average weekly trading volume. |
Long-term trend: [See ^GSPC long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 3491.58 and reached 4607.07 on July 27, 2023. ^GSPC gained -1115.49 points, or -31.95%, in 41 weeks. The price is now at the 14.05% retracement level.
Medium-term trend: [See ^GSPC medium-term trend chart]
A medium-term downtrend had started on July 27, 2023 at 4607.07 and reached 4335.31 on August 18, 2023. ^GSPC lost 271.76 points, or 5.90%, in 3 weeks. The price is now at the 42.32% retracement level.
Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 link to access Williams' Percentage Range help.
The weekly MACD line is below its signal line since September 1, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. 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 August 18, 2023 at 4335.31 and reached 4541.25 on September 1, 2023. ^GSPC gained -205.94 points, or -4.75%, in 14 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (4469.82) 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 short-term trend.
Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since August 28, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
Price is close to the 50 Day Moving Average. 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.