The S&P 500 is holding at the 200-day average. The near-term trend is positive and I am looking for a test near the April high of 2717. A breakout above the April high would be a positive near-term signal for the S&P 500.
Here is a live 4-year weekly chart for the S&P 500 Index.
Reference my last post for the S&P 500 index.
Here was my post on the sector performance.
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Reference my last chart analysis for the S&P 500
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S&P 500 down 5.95% for the week with an ominous shaven head and shaven bottom candlestick that is testing the 200-day moving average.
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S&P 500 Weekly Chart
Reference my post from February 5, 2018: S&P 500 will test support around the 40-week moving average which translates into a 10% correction. It must stop there or I will need a more dire post.
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S&P 500 3-Year Chart
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VIX Daily Chart
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Major downtrend, intermediate downtrend and near-term downtrend for the U.S. dollar index. Why does this matter? One example is the inverse relationship with commodities which are priced is U.S. dollars. This is one factor for the near-term uptrend in the price of West Texas Intermediate (WTI) crude.
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