We have been monitoring this long, sideways range on the S&P 500. After first probing through the top of the range, the SPX found support on the 89-week SMA and catapulted itself higher, overshooting the rising wedge that had begun to form:
Tag: $SPY-$ES-$SPX
Market Update for Thursday, June 1st, 2023
Good afternoon traders.
The S&P 500 is again probing above its long sideways range, and it’s gone on to make a new high and it touched the upper rail of the rising wedge once again:
Market Update for Wednesday, May 31st, 2023
The same basic features present themselves to us on the S&P 500.
We’re still nosing about at the upper end of the trading range we’ve been in for centuries, we’ve taken on the look of a rising wedge (which I first discussed this weekend) and we’ve now come down and tested the 89-week from above:
Market Update for Tuesday, May 30th, 2023
Good afternoon, traders.
The S&P 500 gapped up, sold off some, then bounced, closing almost unchanged. We remain in and around this sideways trading range, nosing our way now through the top of the range and now also above the 89-week SMA:
The Weekend Review of the Markets: Are We Still in a Bear Market?
In this weekend’s technical analysis review of the stock market, I will examine the question of whether or not we are still in a bear market. Over these last few weeks, I have been inclined toward the bearish case, but we’ve since seen accelerating strength in a very few places, and this has caused particularly the Nasdaq to squirt so high so fast that we might be inclined to doubt the bearish view altogether.
But despite that strength in the Nasdaq—driven mostly by the semi-conductor sector alone—I still don’t see a lot of evidence to wholeheartedly accept a bullish view here. We will look at some U.S. indices, we will look at breadth, volatility, and we will include an assessment of where I think we might go from here.
U.S. Indices
Despite the AI-gasm, the S&P 500 closed a mere 15 points above where it closed last weekend. And so in that respect, nothing here has changed a whole lot. We’re still in and around this sideways range that we’ve been in for weeks and weeks:
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