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Archive
- 3/17/2023 -
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S&P 500 (^GSPC)

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Summary:
Weekly :Broken trend support lineBroken trend resistance line
Daily :20 Day Moving Average has crossed below the 50 Day Moving Average
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It was a first positive week for the S&P 500 (^GSPC). During the week, the ^GSPC gained 55.05 points, or 1.43%, and closed at 3916.64 on Friday, March 17, 2023. Weekly volume was 64% above average.

Long-term trend: [See ^GSPC long-term trend chart]
A long-term downtrend had started on January 4, 2022 at 4818.62 and reached 3491.58 on October 13, 2022. ^GSPC lost 1327.04 points, or 27.54%, in 40 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (3301.45) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a long-term trend.

Medium-term trend: [See ^GSPC medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 3491.58 and reached 4195.44 on February 2, 2023. ^GSPC gained -703.86 points, or -20.16%, in 16 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (4081.96) 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 medium-term trend.

Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since November 4, 2022. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 February 2, 2023 at 4195.44 and reached 3808.86 on March 13, 2023. ^GSPC lost 386.58 points, or 9.21%, in 39 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 3772.78 and resistance is at 4029.99. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.

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

The daily MACD line is below its signal line since February 9, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. 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) 43.87
Williams' Percentage Range (W%R) 45.00
Lane's Stochastic (%D-Slow) 38.00
Greed/Fear Indicator (GFI) 45.61
Moving Average Converg./Diverg. (MACD) -26.40
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 49.04
Williams' Percentage Range (W%R) 47.60
Lane's Stochastic (%D-Slow) 51.35
Greed/Fear Indicator (GFI) 52.03
Moving Average Converg./Diverg. (MACD) -3.11
Trading Signals
Description Value Chart
Monthly Trendline Resistance 4278.80
Monthly Trendline Support 4081.96
Upper Bollinger Band 4081.62
Weekly Trendline Resistance 4029.99
50 Day Moving Average 4007.58
Weekly Stochastic Crossing 3977.16
20 Day Moving Average 3966.56
Parabolic System 3962.87
Price 3916.64
Daily Stochastic Crossing 3899.03
Quarterly Trendline Resistance 3854.36
Lower Bollinger Band 3850.15
Weekly Trendline Support 3772.78
Quarterly Trendline Support 3301.45
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 4078.49
High Date 03/06/2023
Low 3808.86
Low Date 03/13/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 4029.99
Support 3772.78
High 4195.44
High Date 02/02/2023
Low 3808.86
Low Date 03/13/2023
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 4278.80
Support 4081.96
Low 3491.58
Low Date 10/13/2022
High 4195.44
High Date 02/02/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 3854.36
Support 3301.45
High 4818.62
High Date 01/04/2022
Low 3491.58
Low Date 10/13/2022
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 666.79
Low Date 03/06/2009
High 4818.62
High Date 01/04/2022
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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