Saturday, 28 May 2016

Blog post: S&P 500 beginning new up trend? Or range bound & peaking?

Is the S&P 500 beginning a new up trend? Or is it range bound, near resistance, and peaking?

Weekly chart shows the first weekly close above the illustrated corrective trend channel, albeit in a lowish volume pre-holiday week. Bullish moving average cross says look for a new up trend to begin. On the other hand, the close by 2016 and 2015 peaks may offer resistance. Let's see.

Daily chart better illustrates nearby potential resistance levels.