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Archive
- 3/17/2023 -
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S&P 500 (^GSPC) |
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| Summary:
| | Weekly :  | | Daily :
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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.
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