- 5/15/2020 -
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S&P 500 (^GSPC)
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|It was the negative week for the S&P 500 (^GSPC). During the week, the ^GSPC dropped -66.10 points, or -2.26%, and closed at 2863.70 on Friday, May 15, 2020. It was the worst weekly loss since March 20, 2020. Weekly volume was -6% below average. |
Long-term trend: [See ^GSPC long-term trend chart]
A long-term uptrend had started on March 6, 2009 at 666.79 and reached 3393.52 on February 19, 2020. ^GSPC gained -2726.73 points, or -408.93%, in 571 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 2622.48 and resistance is at 3077.15. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.
Medium-term trend: [See ^GSPC medium-term trend chart]
A medium-term uptrend had started on February 11, 2016 at 1810.10 and reached 3393.52 on February 19, 2020. ^GSPC gained -1583.42 points, or -87.48%, in 209 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 2605.54 and resistance is at 3471.73. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since February 21, 2020. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
Short-term trend: [See ^GSPC short-term trend chart]
A short-term uptrend had started on March 23, 2020 at 2191.86 and reached 2954.86 on April 29, 2020. ^GSPC gained -763.00 points, or -34.81%, in 37 days. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (2985.92) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.
Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.