Trend for Position Traders
5/17/19… The S&P 500 index remains in a confirmed Position uptrend and continues to be supported by a Long-Term uptrend.
The S&P 500 closed out the week down about 0.73%.
Stocks wobbled last week as the tensions between the U.S. and China grew sharper and more defined. The markets slipped deeper into the red just before Friday’s market close on a news report that U.S.-China trade talks had stalled. Washington asserts that Beijing “reneged” on an almost-ready trade deal while Beijing complains of Washington’s “bullying” behavior. Regardless, the much-hyped trade talks appear to be at a standstill, which will likely continue to lie heavy on equity markets next week.
Turning to the charts, the price action this week was choppy amid rising volatility. While the S&P 500 index continues to hold above its 200 DMA, it is notable that the index failed to hold its 50 DMA last week. That could serve as a meaningful resistance area next week. Despite all of the recent market “noise,” the long-term market uptrend remains intact. While the recent “technical” damage on the charts may benefit short-term traders, there are still several important support levels that would need to be taken out before this market officially moves into “downtrend” territory.
It is my opinion that we have not seen the lows from this current downdraft in prices. I am currently holding a couple of short-term “short” positions (+3% and 24% so far). Platinum members have access to my trading portfolio here.
Our Market Trakker alert system will keep you advised of the current broad U.S. stock market trend. Smart traders may take the opportunity now to research their favorite stocks and ETFs so that they can take advantage of the inevitable price moves!
When we detect a change in the major Long-Term trend, you will be notified again by email along with details on how we are responding to the selloff.
Long-Term Trend for Long-Term Investors
5/17/19… The S&P 500 Long-Term trend is in a confirmed Long-Term uptrend. When our Market Trakker system detects a change in the underlying Long-Term Trend in the S&P 500, this page will be updated and all current members will receive an alert by email.
- Market Trakker Charts – Updated Every Weekend
S&P 500 Index – Daily Chart
S&P 500 Index – Long-Term Trend Chart
(Last Confirmed Long-Term Uptrend on 4/5/19)
S&P 500 Index ETF (SPY) – 2 Year Weekly Chart
(Confirmed Position Uprend)
Updated: 5/17/19S&P 500 Futures Chart
Updates upon refresh during market hours
Percent of S&P 500 Stocks Above 200 DMA
(Measures market participation)
U.S. New Highs-New Lows
(Gauges internal trend momentum)
S&P 500 Index – P/E Ratio
(Current P/E valuation of S&P 500)
Min: 5.31 (Dec 1917)
Max: 123.73 (May 2009)
- Market Trakker Resources
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