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The State of the Trend

In our last article we noted that from a swing trading point of view the SPX is in an uptrend in all three time frames (daily, weekly, and monthly). This remains the case, as the index has gained some 120 points since then:

S&P500 Weekly Chart

Assuming that the lows for the year are in, and based on annual price advance and bottom reversal data, we can map the following price parameters for the SP500 until the end of 2016:

S&P500 Daily Chart
Larger Image

The black horizontal lines correspond to the upside year-end price targets supplied by Oddstrader, as reported OddsTrader's Instablog.

 

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