S&P 500: a technical correction is likely

Catégorie [ S & P 500 ]

Long term basis: very bullish above PY

On a yearly basis, UY could rise at the close. Stochastic could be oversold at the end of the period. Our moving averages could continue to rise. Above PY, UY is our main target. As long as PY proves to be a resistance, a pseudo type III could develop. With this hypothesis, MY is our first objective.

On a quarterly basis, LQ / UQ spread is maximal but shrinking. A bullish no-crossover is in progress with our stochastic and our MACD. UQ is our maximal target.

On a monthly basis, a bullish no-crossover is the status for TAM tools.

Idea: monthly MACD as a leading indicator

Bet: a new bull trend is not ruled out.

R = UW (1436), PY (1471), UY (1653);    S = MM (1306), LM (1176)

Medium term: toppish

On a weekly basis, Bollinger bands are diverging. Without any PEI for TAM tools, stochastic is our leading indicator

Idea: rise as long as our stochastic is not overbought

Bet: UW is our main target.

R = UW (1430.7);    S= MW (1360.5)

Short term: decline below MD

On a daily basis, UD / LD spread is a reference one. Our stochastic and MACD are overbought.

Idea: LD as a target if MD fails as a support

Bet: lower.

R= UD (1427.9);                       S= MD (1404.1), LD (1380.3)

Conclusion: a technical decline is likely.