|
|
Uptrend ExhaustionArchive
- 5/3/2024 -
Sign In to see current Signals. |
S&P 500 (^GSPC) Technical Analysis
|
 |
| Summary:
| | Weekly : | | Daily :
Move cursor over the icon to see details.
| | It was a second positive week after 3 consecutive negative weeks for the S&P 500 (^GSPC). During the week, the ^GSPC climbed 27.83 points, or 0.55%, and closed at 5127.79 on Friday, May 3, 2024. ^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 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 4311.59 and resistance is at 5249.67. 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 Channel chart pattern. The downtrend resistance line (5021.58) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a medium-term trend.
 Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 12, 2024. 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 uptrend had started on April 19, 2024 at 4953.56 and reached 5139.12 on May 3, 2024. ^GSPC gained -185.56 points, or -3.75%, in 14 days. The price is now at the 6.11% retracement level.
Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
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.
| |
|
|