The Daily level of the S&P 500 is currently in a full bullish immediate tone with support at 2784.
On the weekly level, the last important high was established the week of July 9th at 2804, which was up 22 weeks from the low made back during the week of February 5th. The broader perspective, this current rally into the week of July 9th reaching 2804 has exceeded the previous high of 2717 made back during the week of April 16th. Right now, the market is above momentum on our weekly models hinting this is still a bullish cyclical trend. . . BUT . . . a possible change in trend appears due to come this month so remain focused.
The Standard & Poors 500 has been and remains in Long-Term neutral for right now, so caution is advisable and look more closely at the short-term trading levels for a hint of the next directional move. Last month produced a high at 2791 but closed on the weak side, and so far, we now need to close above 2801 on a monthly basis to imply a further advance to the upside.
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