The Greedy Trader Weekly Analysis
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- 3/28/2024 -
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S&P 500 (^GSPC) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionRelative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergence
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtMACD bearish divergenceThe price touches the upper Bollinger Band
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It was a second consecutive positive week for the S&P 500 (^GSPC). During the week, the ^GSPC climbed 20.17 points, or 0.39%, and closed at 5254.35 on Thursday, March 28, 2024. ^GSPC was trading at average weekly trading volume.

Long-term trend: [See ^GSPC long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 3491.58 and reached 5264.85 on March 28, 2024. ^GSPC gained -1773.27 points, or -50.79%, in 76 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (4270.11) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 27, 2023 at 4103.78 and reached 5264.85 on March 28, 2024. ^GSPC gained -1161.07 points, or -28.29%, in 21 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 5200.92 and resistance is at 5300.58. 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 medium-term trend.

Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. 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 January 5, 2024 at 4682.11 and reached 5264.85 on March 28, 2024. ^GSPC gained -582.74 points, or -12.45%, in 83 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 5220.11 and resistance is at 5313.98. 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 short-term trend.

Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Daily MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bearish divergence.

The daily MACD line is above its signal line since March 26, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

The price touches the upper Bollinger Band. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 69.54
Williams' Percentage Range (W%R) 8.10
Strong Overbought
Lane's Stochastic (%D-Slow) 80.57
Overbought
Greed/Fear Indicator (GFI) 80.67
Overbought
Moving Average Converg./Diverg. (MACD) 57.29 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 84.37
Overbought Bearish
Williams' Percentage Range (W%R) 1.80
Strong Overbought
Lane's Stochastic (%D-Slow) 92.99
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 85.62
Overbought
Moving Average Converg./Diverg. (MACD) 171.81 Bearish
Trading Signals
Description Value Chart
Weekly Trendline Resistance 5313.98
Monthly Trendline Resistance 5300.58
Upper Bollinger Band 5268.91
Price 5254.35
Daily Stochastic Crossing 5238.20
Weekly Stochastic Crossing 5236.16
Weekly Trendline Support 5220.11
Monthly Trendline Support 5200.92
Parabolic System 5195.04
20 Day Moving Average 5170.57
Quarterly Trendline Resistance 5166.56
Lower Bollinger Band 5063.21
50 Day Moving Average 5046.77
Quarterly Trendline Support 4270.11
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 5203.42
Low Date 03/26/2024
High 5264.85
High Date 03/28/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 5313.98
Support 5220.11
Low 4682.11
Low Date 01/05/2024
High 5264.85
High Date 03/28/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 5300.58
Support 5200.92
Low 4103.78
Low Date 10/27/2023
High 5264.85
High Date 03/28/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 5166.56
Support 4270.11
Low 3491.58
Low Date 10/13/2022
High 5264.85
High Date 03/28/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 666.79
Low Date 03/06/2009
High 5264.85
High Date 03/28/2024
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.