• 341 days Will The ECB Continue To Hike Rates?
  • 341 days Forbes: Aramco Remains Largest Company In The Middle East
  • 343 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 743 days Could Crypto Overtake Traditional Investment?
  • 748 days Americans Still Quitting Jobs At Record Pace
  • 750 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 753 days Is The Dollar Too Strong?
  • 753 days Big Tech Disappoints Investors on Earnings Calls
  • 754 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 756 days China Is Quietly Trying To Distance Itself From Russia
  • 756 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 760 days Crypto Investors Won Big In 2021
  • 760 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 761 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 763 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 764 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 767 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 768 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 768 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 770 days Are NFTs About To Take Over Gaming?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  1. Home
  2. Markets
  3. Other

The State of the Trend

The SP500 continues to be in a sweet spot, where both the bullish and bearish scenario point to higher prices. The updated chart below shows that the index entered the target resistance zone. An upside breakout from the marked area will be a strong indication that the index will follow a different path:

SPX
Larger Image

In a short period of time, bullish sentiment has reached peak levels once again. This does not necessarily mean that a change in trend is imminent, but increases the likelihood that another consolidation is around the corner.

SPX versus % Bulls

On the daily chart, the SP500 is tracing an ascending broadening formation. The key support levels to keep an eye on are 1230, 1221 and 1200:

SPX

The weekly channel chart, on the other hand, pegs resistance at 1260 and 1290:

SPX

 

Back to homepage

Leave a comment

Leave a comment