S&P500 - 4 hour

S&P500 Cash Index closed friday at 2723 - Weekly Bearish Reversal lies at 2610 and the current bullish reversal stands at 2791 while the Bearish reversal lies at 2682. We closed the last session trading at the 2723, which is below (2791) this level on a daily closing basis at this moment. We need to close above this on a weekly basis to signal a rally is unfolding. The last high on the monthly level was 2940, which was created during September. However, we still remain below key resistance 2742 on a closing basis. Monthly trend is still bearish - Long term trend is bullish – Trend is neutral. A possible change in trend appears due come January 2019 in S&P 500 Cash Index so be focused.

Comment:

S&P 500 Cash Index closed today at 2738. At this time, the market is trading above last year's close of 2673 which is bullish. The Weekly Bearish Reversal lies at 2610. Monthly Bullish Reversal stands at 2791 while the Bearish Reversal lies at 2682. This, of course, gives us a trading range of a 3.90%. Immediately, we closed the last session trading at the 2738, which is below this level on a daily closing basis at this moment. We need to close above this on a weekly basis to signal a rally is unfolding. Right now, the market is trading some 16% beneath that level. However, we still remain below key resistance 2742.24 on a closing basis.

Comment:

S&P500 Cash Index closed yesterday at 2755. We did close above the previous session's high 2738 and key resistance 2742 which is positive. Our projected resistance stands above the market at 2782 and a closing above that is necessary to signal any strong further upside advance.