• 745 days Will The ECB Continue To Hike Rates?
  • 746 days Forbes: Aramco Remains Largest Company In The Middle East
  • 748 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,147 days Could Crypto Overtake Traditional Investment?
  • 1,152 days Americans Still Quitting Jobs At Record Pace
  • 1,154 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,157 days Is The Dollar Too Strong?
  • 1,157 days Big Tech Disappoints Investors on Earnings Calls
  • 1,158 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,160 days China Is Quietly Trying To Distance Itself From Russia
  • 1,160 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,164 days Crypto Investors Won Big In 2021
  • 1,164 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,165 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,167 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,168 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,171 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,172 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,172 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,174 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

The State of the Trend

Last November we published this chart which pointed to a measured move upside target of 2003 for the SPX. After hovering around this number since the end of August, the index finally managed to close above it on Friday:

SPX Chart
LargerImage

While the SPX needs to spend more than a few hours above 2003 to confirm the breakout, we will use 2003 as our bullish/bearish fulcrum going forward. The hourly chart shows another megaphone pattern in the making with an upside target of 2018, while the weekly upside swing target is 2036:

SPX Chart 2
Charts courtesy of OT Signals

In summary, the trend for the SP500 remains up in all three time frames (daily, weekly and monthly). The automatic angle drawing tool in OT Signals makes it easier than ever to keep track of short and long term trend changes.

Gold and silver remain in a downtrend with silver sitting right on support dating back to 2013. As far as retracements go, $17.87 is the last technical retracement level that separates SLV from a retest of the 2008 lows:

Silver Chart

 

Back to homepage

Leave a comment

Leave a comment