With the political winds arising and the elections within days, we thought it would be a good time to update you on the technicals for the S&P500 Wealth Preserver main indicator.
So, let’s take a look at the monthly, weekly, and daily trend charts to see where we likely will go from now through the end of the year.
Although a bit weak currently, the index remains in an uptrend at the monthly level within the channel dating back to 2008. We see here the trend has been moving up for the past 31 months from the monthly level low of 1810 in February 2016. Only a break of 2796 on a closing monthly basis would warn of a technical near-term change in trend. The last high on the monthly level was 2941, which was created in September.
On the weekly level, this market is currently in a rising overall trend. We see here the trend has been moving up for the past 34 weeks since the low established the week of June 25th. The previous weekly level low was 2532.69, which formed during the week of February 5th. The last high on the weekly level was 2940.91, which was created during the week of September 17th.
Our Daily level trend channel remains in a bullish trend since early April but is currently bearish reflecting resistance at 2908.
Critical support still underlies the current market at 2682 and we will keep you updated. A break of that level on a monthly closing basis would warn that a sustainable decline becomes possible.
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