The Greedy Trader Weekly Analysis
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Weekly Pattern:Broadening Ascending Wedge
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Chart Analysis and Chart Pattern Recognition – Broadening Formations
Broadening Formations, including Broadening Ascending Wedge, present inverted triangle patterns. They start with narrow fluctuations, and then widen out between diverging boundary lines. The pattern, where one of the boundary lines is horizontal, is referred to as a right-angled formation. Broadening formations usually mark the reversal when confirmed by other technical indicators.
Broadening formations Screening page presents a list of stocks forming Broadening formation Pattern.
Tips:
# 1
As a reversal formation, Broadening formation Pattern appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators.
# 2 For the best results, chart patterns and trend resistance support should be considered together with other technical analysis signals and technical trading techniques.
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S&P 500 (^GSPC)

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Summary:
Weekly :Lane's Stochastic is overbought
Daily :The price has fallen below the Parabolic SARThe price has declined below the moving average in the center of the Bollinger BandsPrice is close to the 50 Day Moving Average
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It was the negative week for the S&P 500 (^GSPC). During the week, the ^GSPC dropped -88.69 points, or -2.86%, and closed at 3009.05 on Friday, June 26, 2020. Weekly volume was -28% 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 2643.27 and resistance is at 3097.93. 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 2627.06 and resistance is at 3508.92. 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 Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The weekly MACD line is above its signal line since May 15, 2020. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See ^GSPC short-term trend chart]
A short-term downtrend had started on June 8, 2020 at 3233.13 and reached 2965.66 on June 15, 2020. ^GSPC lost 267.47 points, or 8.27%, in 7 days. The price is now at the 16.22% retracement level.

Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since June 10, 2020. This is an indication that the short-term trend is down.

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.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Price is close to the 50 Day Moving Average. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 31.58
Williams' Percentage Range (W%R) 59.80
Lane's Stochastic (%D-Slow) 51.21
Greed/Fear Indicator (GFI) 41.00
Moving Average Converg./Diverg. (MACD) 42.82
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.28
Williams' Percentage Range (W%R) 26.70
Lane's Stochastic (%D-Slow) 83.83
Overbought
Greed/Fear Indicator (GFI) 72.56
Moving Average Converg./Diverg. (MACD) -27.04
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 3508.92
Upper Bollinger Band 3193.42
Parabolic System 3143.81
Weekly Stochastic Crossing 3142.71
20 Day Moving Average 3107.45
Yearly Trendline Resistance 3097.93
Daily Stochastic Crossing 3078.93
Price 3009.05
50 Day Moving Average 2980.06
Lower Bollinger Band 2947.92
Yearly Trendline Support 2643.27
Quarterly Trendline Support 2627.06
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 3233.13
High Date 06/08/2020
Low 2965.66
Low Date 06/15/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 2191.86
Low Date 03/23/2020
High 3233.13
High Date 06/08/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 3393.52
High Date 02/19/2020
Low 2191.86
Low Date 03/23/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 3508.92
Support 2627.06
Low 1810.10
Low Date 02/11/2016
High 3393.52
High Date 02/19/2020
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 3097.93
Support 2643.27
Low 666.79
Low Date 03/06/2009
High 3393.52
High Date 02/19/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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