The S&P Bullish trend is still Active
Hello everyone, as we all know the market action discounts everything :)
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The Bullish trend that started in November where the SPX index started moving up in an Ascending Channel is not stopping yet. The trend is still giving Bullish signals where we kept getting higher highs and higher lows.
The S&P 500 index booked fresh record closes on Thursday, despite falling from the session’s best levels, ahead of a highly anticipated August employment report on Friday.
The index price is still not showing any signs of weakness and most likely the Index movement for the next period of time will be like this :
If we look at the chart and where the market is right now we see that every time the SPX hit the upper end of the Ascending channel it always dropped into the middle range of the Channel, We probably won't see a big Bullish breakout in the Index right now, so the price most likely will be dropping this week a bit and it will be headed near the first support line at 4474.64 and if the Bears were able to gain more control then it could reach the second support at 4439.92 where the major Bull power will be and where the bounce back up will happen that would get the index above the resistance zone between 4528.74 - 4548.12.
Technical indicators are showing this :
Support & Resistance points :
Support/Resistance
1) 4474.64 1) 4528.74
2) 4439.92 2) 4548.12
3) 4420.54 3) 4582.84
Fundamental point of view :
On Thursday, the S&P 500 rose to records on the back of better-than-expected jobless claims data. The initial filings for unemployment insurance fell to their lowest levels since March 2020.
The Labor Department reported first-time jobless claims totaled 340,000 for the week ended Aug. 28, compared with the 345,000 estimate.
The S&P 500 climbed 0.3%, hitting its 54th record closing high of 2021.
Investors are now looking ahead to August’s nonfarm payrolls report — released Friday morning — which could give clues about how fast the Federal Reserve will remove easy monetary policy. Economists polled by Dow Jones expect 720,000 jobs were added in the month, down from 943,000 jobs added in July. The unemployment rate is expected to dip to 5.2%, compared to 5.4% in July. According to CNBC Markets
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
The Bullish trend that started in November where the SPX index started moving up in an Ascending Channel is not stopping yet. The trend is still giving Bullish signals where we kept getting higher highs and higher lows.
The S&P 500 index booked fresh record closes on Thursday, despite falling from the session’s best levels, ahead of a highly anticipated August employment report on Friday.
The index price is still not showing any signs of weakness and most likely the Index movement for the next period of time will be like this :
If we look at the chart and where the market is right now we see that every time the SPX hit the upper end of the Ascending channel it always dropped into the middle range of the Channel, We probably won't see a big Bullish breakout in the Index right now, so the price most likely will be dropping this week a bit and it will be headed near the first support line at 4474.64 and if the Bears were able to gain more control then it could reach the second support at 4439.92 where the major Bull power will be and where the bounce back up will happen that would get the index above the resistance zone between 4528.74 - 4548.12.
Technical indicators are showing this :
- The S&P 500 index is trending above the 5 10 20 50 100 and 200 MA and EMA ( Bullish Sign)
- The MACD is above the 0 line showing that the market is in a Bullish state, With a positive crossover between The MACD line and The Signal line.
- The STOCH indicator is in the overbought zone, With a positive crossover between %K (95.00) and %D (92.84). *The overbought zone indicates that the price might drop down.
- The Ultimate Oscillator is at 79.95 sitting in the overbought zone. The overbought zone indicates that the price might drop down.
Support & Resistance points :
Support/Resistance
1) 4474.64 1) 4528.74
2) 4439.92 2) 4548.12
3) 4420.54 3) 4582.84
Fundamental point of view :
On Thursday, the S&P 500 rose to records on the back of better-than-expected jobless claims data. The initial filings for unemployment insurance fell to their lowest levels since March 2020.
The Labor Department reported first-time jobless claims totaled 340,000 for the week ended Aug. 28, compared with the 345,000 estimate.
The S&P 500 climbed 0.3%, hitting its 54th record closing high of 2021.
Investors are now looking ahead to August’s nonfarm payrolls report — released Friday morning — which could give clues about how fast the Federal Reserve will remove easy monetary policy. Economists polled by Dow Jones expect 720,000 jobs were added in the month, down from 943,000 jobs added in July. The unemployment rate is expected to dip to 5.2%, compared to 5.4% in July. According to CNBC Markets
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
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