Category Archives: U.S. Indexes

S&P 500 Index candlestick chart analysis

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Bullish Engulfing Patterns: Size Counts

Three-year candlestick chart analysis for the S&P 500 Index based on the weekly chart and showing bullish engulfing candlestick patterns

S&P 500 Index Three-Year Weekly Candlestick Chart

There is a high probability that the  S&P 500 Index will test major resistance of 1,370 within the next two weeks. Using the 2% rule, a convincing close of 1,400 for two consecutive days would set-up the index for an upside target of 1,470.

A failed low-volume test of resistance would see the S&P 500 index move into a trading range of  1,350-1,250. And then we will be back to monitoring the major support level of 1,250.

 

Reference the previous analysis of the S&P 500 Index using candlesticks

S&P 500 Index technical analysis

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Can the S&P 500 Index hold the 200-day moving average?

S&P500 Index candlestick chart analysis

S&P 500 Index Three-Year Weekly Chart

Key points from the above chart of the S&P 500 Index:

  • Intermediate trend is down.
  • Near-term trend is sideways.
  • Attempting to hold the 200-day moving average of  1,263.
  • The two spinning top candlesticks are neutral and represent the battle between the bulls and bears.
  • Major support is the March low of 1,250.
  • Major resistance is 1,370.
  • Resistance is 1,300 in the June lateral trading range.
  • RSI is confirming the downtrend.
  • RSI can identify divergence and gave a early warning that the May high would not hold.

Reference the previous analysis for the S&P 500 Index.

Visit BigCharts and complete your own analysis.

Wall St Week Ahead: Bulls ready to charge into wall of worry

Can the S&P 500 break 1,330?

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Traders are focusing on key resistance at 1,330 for the S&P 500
Can the S&P 500 index break resistance on the candlestick chart at 1,330

S&P 500 Daily Candlestick Chart

The most important points from the above chart for the S&P 500 are:

  • Resistance levels exist on all stock charts.
  • The S&P 500 must break and hold above the 1,330 level on the candlestick chart.
  • The new support level will then be 1,330.
  • The reversal of resistance to support is an important concept in technical analysis.

Complete the advanced chart settings and then view the weekly chart for the S&P 500 on BigCharts.