S&P 500: weak below PW (medium term basis)

Catégorie [ S & P 500 ]

Long term basis: towards UY

On a yearly basis, UY could rise at the close. PY failed as a resistance. Stochastic could be oversold at the end of the period. Our moving averages could continue to rise. UY is our main target.

On a quarterly basis, Bollinger bands 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. UM / LM spread is expending.

Idea: monthly MACD as a leading indicator

Bet: yearly MACD will be oversold next period.

R = UY (1658), +++;    S = MM (1319)

Medium term:  bullish type II in progress

On a weekly basis, a type II occurred in T3. A type III could develop next week.

Idea: add long position with a type III

Bet: close long position below PW / bearish below MW (at the close).

R = UW (1486);    S= PW (1422.4), MW (1387)

Short term: weak

On a daily basis; Bollinger bands spread is a reference one. No bearish pattern could develop with a NEI on the weekly basis.

Idea: lower as long as our MACD is not oversold

Bet: MACD could be oversold next Wednesday.

R= MD (1451), UD (1471);                       S= PW (1422.4)

Conclusion: bullish on a medium term basis if PW acts as a support.