Connect with us

Indices

The S&P 500 breaks a 6 day downtrend, climbs to 3,900

Generally flat but with a slight bullish bias, the S&P ranged between 3,838.5 and 3,900.45 before closing higher at 3,900.

  • Yesterday's gains stand in contrast to the S&P 500's slide (lasting 6 days) in which it lost 237.08 points.

The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. In contrast, the S&P 500 is 20.84 points away from testing key resistance at 3,920.73. Peaking above this level could inspire market bulls and open the path to further gains.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts the S&P to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the S&P 500 is expected to pick up significant bullish sentiment in the coming days.

Other markets are also showing gains as ASX 200 leaps up 1.29% yesterday and closed at 6,720. Hang Seng went up by 1.16% yesterday, and closed at 18,781.

Meanwhile, CAC lost 0.94% yesterday and closed at 6,061.59.

8 months ago the S&P 500 reached a significant high of 4,796.56 but has consequently lost 19.25% since then.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Indices

Equities traders zero in on ASX as it adds 95.3 points (+1.42%)

ASX trades at 6,794.6 after gaining 95.3 points (1.42%).

ASX traded as high as 7,589.8 before shedding 11.1% lower over the past six months.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. ASX broke through the 6,780 resistance and climbed above it 14.5 points; next resistance level is at 6,861.

Overall, looking at the technical analysis landscape, it seems ASX might continue pointing upwards in the short term.

ASX shows positive signs, other assets are also on par: EuroSTOXX is up 4.26%. CAC is up 4.24%. Dow Jones leaps up 2.8% to trade around 30,316.

Continue Reading

Indices

The Dow closed at 30,316 after making a massive single-day jump

The Dow jumps by 2.8% (816.32 points), its largest single-day gain since Jun 24.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.

Overall, looking at the technical analysis landscape, it seems the Dow might continue pointing upwards in the short term.

The Dow Jones shows positive signs, other assets are also on par: ASX 200 added 3.75% and closed around 6,457 today. EuroSTOXX explodes 4.26% today and closed at 3,342.17. CAC went up by 4.24% today, and closed at 6,039.69.

Having set a significant low of 28,726 4 days ago, the Dow is trading 2.66% higher.

Continue Reading

Indices

The FTSE index sheds 156.46 points and tracking 2.26% lower heading into market close in a hour time

The FTSE went up to 7,069 only to drop back some of the way and is now trading around 7,065.22 as it reaches the end of the trading session.

  • The FTSE has gained 27.16 points over the past 3 days, and today's session seems to be adding to the current uptrend.

The FTSE hit a significant low of 6,881.6 around 5 days ago, but has since recovered 0.39%.

FTSE made an initial breakout above its 10 day Simple Moving Average at 7,030.36, a potential indicator of a newly emerging bullish phase. Despite this, the FTSE price action is currently oscillating around the 7,003 resistance level with prices moving above and below several times during the session.

Overall, looking at the technical analysis landscape, it seems the FTSE might continue pointing upwards in the short term.

Other markets are also showing gains as ASX 200 shoots up 3.75% to trade around 6,699.3. CAC surges 3.55% to trade around 6,000. Dow Jones is up 2.49%.

Continue Reading
Advertisement