Get started

Sandp500

S&P Index SPX500: Needs to break above 2588 S&P 500 Index SPX500 Weekly Update in Short-term Needs to break and hold above 2588 to keep upside momentum and avert sideways/mildly down movement toward parallel Continues to grind upwards, averaging 10 points per week, and trampling every bear in it's wake, guided by a massive secondary impulse wave since the summer doldrum lows at 2416. No way can any sane bear consider grabbing this rambling bull by the horns - it's not exactly rampaging, but it could do for a couple of days once minor resistance at 2588 is broken. All is good for the SandP so long as it stays within the parallels - any test the lower parallel is still a buying opportunity with stops underneath it. Still believe, this index will hit 10,000 within 15 years maximum from here. At some point the S&P will break the lower parallel and create a decent tradeable correction...until that happens stay long, if a long term holder. In very near term however it really needs to find some momentum here to break above 2588 and hold here or above on the next minor pull-back (ideal entry point for more long positions) - to avoid drifting sideways to the parallel, where it becomes a buy again, as above. Key support levels are shown on chart. As usual, a break below any listed level should led to a quite a fast test of the next. The dynamic/moving support lines carry more heft and power than fixed/static lines of support, usually, with points of maximum impact often where two types meet, as at 2541 and 2564.
FX:SPX500Long
by sumastardon
Megaphone Top On S&P 500This is the daily chart of SPY that is displaying, in my opinion, a megaphone pattern that will likely resolve to the downside. As evidence of this being a megaphone pattern is the disjointed trend lines as well as the relatively large volumes that correspond to the "higher highs" and "lower lows." My reasoning for expecting this to be a reversal pattern stems from seeing bearish divergence in a number of indicators- the daily chart displays a bearish cross in the True Strength Indicator and the picture that I've included also shows a bearish trend in the TSI.
AMEX:SPYShort
by Bryan_Ali
4