Downtrend Broken Resist.Archive
- 9/22/2023 -
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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 dropped -130.26 points, or -2.93%, and closed at 4320.06 on Friday, September 22, 2023. Weekly volume was -16% 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 4607.07 on July 27, 2023. ^GSPC gained -1115.49 points, or -31.95%, in 41 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance 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 4316.49 on September 22, 2023. ^GSPC lost 290.58 points, or 6.31%, in 8 weeks. Price is near the trend low.
Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since September 1, 2023. This is an indication that the medium-term trend is down. 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 September 1, 2023 at 4541.25 and reached 4316.49 on September 22, 2023. ^GSPC lost 224.76 points, or 4.95%, in 21 days. Price is near the trend low.
Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. 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 and Williams' Percentage Range help.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. 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.