Trend for Position Traders
3/15/19… The S&P 500 index remains in a confirmed Position uptrend while its Long-Term trend remains in an “unconfirmed” status but is nearing a new uptrend.
The S&P 500 index rallied again on Friday enjoying its best week since November, led by technology, energy, and healthcare stocks. The closely-watched index ended the week at $2822, piercing, and closing, above a key resistance level near $2815. While the momentum for the S&P 500 appears solid, a close above $2875 will signal that the bulls are firmly back in control of this rally. Until now, volume levels have been paltry in the 2019 rally. However, Friday’s volume on the index came in a little less than two times the average trading volume, due to a major rebalancing event known as a “quad-witching” day. Traders should ignore this volume.
While the S&P 500’s 200 DMA still remains flat, a sign of a rangebound market, it is finally attempting to point higher after more than six months of flatlining.
While equities prices continued their ascent last week, bond prices also moved higher amid falling yields as more signs of economic weakness emerged. Particularly concerning were U.S. industrial output figures for February, which experienced a weaker than expected rebound. So too, new home sales figures for January fell much more than expected while last week’s initial jobless claims rose more than expected.
With the U.S-China trade deal now delayed until April (or beyond), economic data will largely drive sentiment going forward.
For now, traders should note immediate overhead resistance at $2875. A piercing above this key level, especially on larger than normal volume will be a very bullish sign.
While the Long-Term uptrend is still unconfirmed, it is hovering just below a new uptrend status. Accordingly, we remain moderately bullish but are prudently trend trading in this current environment.
Our Market Trakker alert system will keep you advised to 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
LONG-TERM TREND UNCONFIRMED
3/15/19… The S&P 500 Long-Term trend is within striking distance of confirming a new uptrend but remains in an unconfirmed status after recently emerging from a Long-term downtrend. 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. See our long-term chart analysis below.
- Market Trakker Charts – Updated Every Weekend
S&P 500 Index – Daily Chart
S&P 500 Index – Long-Term Trend Chart
(Currently Unconfirmed – Last New Confirmed Downtrend Identified on 12/21/18)
S&P 500 Index – 2 Year Weekly Chart
(Confirmed Position Uprend)
S&P 500 Index with Bollinger Bands
S&P 500 Futures Chart
Updates upon refresh during market hours
Percent of S&P 500 Stocks Above 200 DMA
(Measures market participation)
New! S&P 500 vs Volatility Index (VIX)
(Trading the “fear” index)
U.S. New Highs-New Lows
(Gauges internal trend momentum)
New! 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)
(The next market crash will be epic…)
S&P 500 Performance By President
- Market Trakker Resources
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