S&P 500 INDEX - $SPX
Monthly chart remains bearish, with the index well below all key moving averages and the down trendline in place. The bears managed to breach the October 2002 low/support, but the aggressive bulls managed to close the trading week above that level. The market has now taken back 5 years of gains. No buy signal/pattern evident on this timeframe.
Weekly chart remains bearish, with the index below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.
Daily chart shows that while the bears made a lower low, the aggressive bulls managed to step back into the market and closed Friday's session higher than the open. The index remains well below all key moving averages. IF we have a tradeable support level, THEN we need to see follow through to the upside next week.
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