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Advanced TA SearchArchive
- 4/19/2024 -
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S&P 500 (^GSPC) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the S&P 500 (^GSPC). During the week, the ^GSPC dropped -156.18 points, or -3.05%, and closed at 4967.23 on Friday, April 19, 2024. Weekly volume was 6% 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 5264.85 on March 28, 2024. ^GSPC gained -1773.27 points, or -50.79%, in 76 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 4294.99 and resistance is at 5216.43. 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 long-term trend.
 Medium-term trend: [See ^GSPC medium-term trend chart]
A medium-term downtrend had started on March 28, 2024 at 5264.85 and reached 4953.56 on April 19, 2024. ^GSPC lost 311.29 points, or 5.91%, in 3 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend support line (5125.82) is broken. Usually a broken support is considered to be a long-term bearish signal, although a short-term pull back is possible. 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 medium-term trend.
 Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 link to access Lane's Stochastic help.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. 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 11, 2024 at 5211.78 and reached 4953.56 on April 19, 2024. ^GSPC lost 258.22 points, or 4.95%, in 8 days. The price is now at the 5.29% retracement level.
 Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily Williams' Percentage Range is oversold while Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Williams' Percentage Range or strongly oversold daily Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since March 28, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
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.
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