S&P500 Analysis: -Daily -Weekly -Monthly -Template -Formulas -Real-Time - HOME

S&P500 Technical Analysis

Please look at all charts, monthly, weekly and daily before making your own conclusion. You can find HERE a description of the chart template used.

Monthly chart

02/04/2012:

This text will generally only be adapted once every month. The chart is updated until 02/03/2012. The chart template is explained HERE.

Last month I wrote: "A positive closing above the upper side of the downward pitchfork this last month of the year. All indicators have room for a further up move. Again nothing has really changed and we can expect a further long term move up supported by the hidden divergences in the fast stochastic RSI and the SVE_BBS%b indicators".

It looks like our comment last month was correct with the index again closing higher at the end of January. We can still use the same comment for February. I am expecting again a higher closing this month. There is room for that in all indicators. Targets for the coming months are 1440 and 1550.

The long term SATS5 is green. Green means a long position and red a short position. For more information about SATS5, look HERE.

Elliott wave count:
After the top in October 2007 the S&P500 made a big {ABC} correction, completing a valid long term correction wave {C}down. Either this is the end of the long term correction and the move up is a new long term wave [1] up. This is most probably too optimistic a view. In the worst case scenario the index is making a long term [ABC] correction wave, in that case the index will long term move below 650 once the wave [C] down is started. For now it looks like we still are moving up to finish correction wave [B] up. We have to follow up on the weekly and daily charts.

For FOREX traders, here I keep FOREX EUR/USD updated charts.

My book, "Capturing Profit with technical Analysis", special offer!

Pitchfork:
Price moves out of the blue downward pitchfork and is making an up move along the median line of the green up moving pitchfork.

Fibonacci:
Fibonacci target is at 1550.

Trailing noise:
Moving up.

Support/Resistance:

There is support at 1220 and 1080. Resistance at 1370 and 1440.

Indicators:
All indicators are moving up.

Fast Stochastic RSI indicator:
Moving up.

Slow Stochastic:
Moving up.

SVE_BBS%b Band Break System %b indicator:
Moving up.

BBS Band Break System Indicator:
Long position.

RSI(28) and Average(8):
Moving up above the average.

Slow PCRI:
Slowing down the up move.

SATS5 Expert:
Long position.

 

 

 

Search the Internet

 

S&P500 Analysis Charts: -Daily -Weekly -Monthly -Template -Formulas -SPY Real Time

STOCATA Stocks Technical Analysis HOME