interAnalist Market Review

S&P 500 Cash Index closed today at 2818.82 and is trading up about 5.43% for the year from last year’s closing of 267361. Thus far, we have been trading down for the past 2 days, while we have made a low at 2808.34 following the high established Wed. Jul. 25, 2018. We did penetrate the previous session’s low and closed below that low creating an outside reversal to the downside.

From a cyclical perspective, the broader view which provides a map of the future is interesting. Our next yearly target in time for a turning point is 2026. Up until now, the market been consolidating trading within last year’s range. The direction into the next target due 2028 will be indicated whether we close above or below last year’s closing of 2673.61.

The Daily level of this market is currently in a full bullish immediate tone with support at 2808.61.

On the weekly level, the last important high was established the week of July 23rd at 2848.03, which was up 24 weeks from the low made back during the week of February 5th. So far, this week is trading within last week’s range of 2848.03 to 2795.14. Nevertheless, the market is still trading downward more toward support than resistance. A closing beneath last week’s low would be a technical signal for a correction to retest support.

The broader perspective, this current rally into the week of July 23rd reaching 2848.03 has exceeded the previous high of 2791.47 made back during the week of June 11th. Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 16 weeks overall.

Currently, this market remains in an uptrend posture on all our indicators looking at the weekly level. We see here the trend has been moving up for the past 24 weeks. The previous weekly level low was 2532.69, which formed during the week of February 5th, and only a break of 2789.24 on a closing basis would warn of a technical near-term change in trend. The last high on the weekly level was 2848.03, which was created during the week of July 23rd, and has now been exceeded in the recent rally.

Critical support still underlies this market at 2446.54 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month’s trading range in a neutral position.

Overall on a broader basis, looking at the monthly level, this market is currently in a rising trend. We see here the trend has been moving up for the past 28 months. The previous monthly level low was 1810.10, which formed during February 2016, and only a break of 2594.62 on a closing basis would warn of a technical near-term change in trend. The last high on the monthly level was 2872.87, which was created during January.

 

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