alanmasters

S&P 500 Index Full Analysis (Still Bearish Here)

SPCFD:SPX   S&P 500 Index
I would like to give a full analysis of the S&P 500 Index (SPX) chart... Let's get started!

We will look at my classic signals and then a general view.

The classic bearish signals coming out of this SPX chart are as follow:
  • The first thing to notice here is a lower high compared to the 8-Jun.
    I shared a chart on this date mentioning that the S&P 500 Index had peaked.

  • The next thing we have is a test/challenge of EMA10 as support (meaning, from up to down).
    Since we have a lower high, the test of EMA10 signals lower prices.

  • We follow with a bearish cross on the MACD .

  • The RSI remains above 50 but trending lower, while the STOCH is showing a strong curve pointing down.

  • We also had a rising wedge pattern, another classic, which broke already a few weeks back.

  • The trading volume is going lower. Notice that the green volume was lower than previous days/weeks on the latest bounce that produced a lower high.

General view ( SPX Bearish )

Don't get caught up in the noise, the hype, the news or \whatnot... Just look at the chart.

I haven't read a piece of news about the SPX basically ever, for Bitcoin or anything else for a long while, yet, I can continue to read the charts are produce a high accuracy rate... Everything is here... Everything is on the chart.

Keeping it simple... Trading below the "LAST PEAK" is bearish .

If prices move and close below the "LAST PEAK", it opens the door for additional bullish action but still, there are many factors that keep the bearish view present since the All-Time High is still intact.

So, we can see prices moving above the LAST PEAK which gives us a more bullish view but still remain cautious until the last high is taken out.

As for the initial analysis... We are bearish based on all the signals we just shared above.

What is your take my dear reader/follower/supporter?

Thanks a lot for your amazing and continued support.

Namaste.
Comment: Previous chart | Jun 9
Is The S&P 500 Index Peaking? A Retrace Is Possible
Comment: Looks like the SPX is going down starting now...
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Comments

Sometimes the chart is the only "news" you need. Thank you for your updated analysis! Everything you lay out points to the bulls losing steam, and I agree with your bearish views. The clock is ticking.
+8 Reply
alanmasters stealthy1234
@stealthy1234, Thanks a lot for sharing. :)
+1 Reply
Good way to explain to everyone!
+3 Reply
alanmasters danta_master
@danta_master, Thanks.
+1 Reply
Hello Alan. Have u see the RSI on the monthly chart?. Huge bearish divergence.
+1 Reply
@ianf, Good to know... I'll have a look.
Reply
@ianf, true
Reply
We CAN'T predict it though!
+1 Reply
@YoYoG, No... We can only read the signals coming from the chart and predict possible scenarios.

I agree with you.

Namaste.
+1 Reply
Thanks for posting. Ill follow you.
+1 Reply
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