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- 11/24/2023 -
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S&P 500 (^GSPC) Technical Analysis
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|It was a fourth consecutive positive week for the S&P 500 (^GSPC). During the week, the ^GSPC climbed 45.32 points, or 1.00%, and closed at 4559.34 on Friday, November 24, 2023. Weekly volume was -24% below average. |
Long-term trend: [See ^GSPC long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 3491.58 and reached 4607.07 on July 27, 2023. ^GSPC gained -1115.49 points, or -31.95%, in 41 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 4129.08 and resistance is at 4884.00. 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 long-term trend.
Medium-term trend: [See ^GSPC medium-term trend chart]
A medium-term downtrend had started on July 27, 2023 at 4607.07 and reached 4103.78 on October 27, 2023. ^GSPC lost 503.29 points, or 10.92%, in 13 weeks. The price is now at the 90.52% retracement level.
Weekly Technical Indicators: [See ^GSPC weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 Williams' Percentage Range help.
The weekly MACD line is below its signal line since September 1, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. 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 October 27, 2023 at 4103.78 and reached 4568.43 on November 22, 2023. ^GSPC gained -464.65 points, or -11.32%, in 26 days. Price is near the trend high.
Daily Technical Indicators: [See ^GSPC daily technical indicators chart]
Daily 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 daily Relative Strength Index or strongly overbought daily Williams' Percentage Range and Lane's Stochastic. Daily Relative Strength Index and MACD have bearish divergence. Use the following links to access the Relative Strength Index and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Relative Strength Index and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following links to access Lane's Stochastic and Relative Strength Index help.
The daily MACD line is above its signal line since November 1, 2023. This is an indication that the short-term trend is up.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish 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.