Trend for Position Traders
4/3/20… The S&P 500 index remains in a confirmed Position downtrend and Long-Term downtrend.
It was another rough and tumble week for the markets with wild intraday price swingsk. The Coronavirus pandemic has ravaged America’s unprepared government and businesses causing outsized volatility in recent weeks.
Last week, the S&P 500 fell around 2% as it digested news that the U.S. economy “officially” lost 701,000 jobs in the month of March, snapping a 10-year record of monthly job growth. The jobless figures for April promise to be much greater — and historic. While the S&P 500 index is oversold, there is still no new uptrend. The S&P 500 remains in both a Position downtrend and a Long-Term downtrend. This means the path of least resistance for U.S. stocks is down.
The S&P 500 closed the week at $2488, well above its most recent low of $2191.
The new Long-Term downtrend in the S&P 500 index, which we alerted you to back in mid-March, has now officially been confirmed based on the monthly price and volume data. We expect deteriorating economic conditions ahead and suggest that we have not yet seen the lows of this historic selloff.
Technically speaking, the S&P 500 now faces a tremendous amount of technical damage on its daily chart and we expect the broad index to face key resistance tests at most areas of former support. Immediate resistance exists at $2650. Additionally, the $2700-$2800 resistance range looms large.
Three of the 11 S&P 500 sectors closed in positive territory last week led by Energy (XLE +5.29%) and Consumer Staples (XLP +3.44%).
Our Market Trakker alert system will keep you advised of the current broad U.S. stock market trend. When we detect a change in the major Long-Term trend, our members will be notified by email (and inside The Robinson Report) along with details on how we are responding.
Long-Term Trend for Long-Term Investors
4/3/20… The S&P 500 historic Long-Term uptrend is now over and a new Long-Term downtrend has been confirmed. For now, the path of least resistance is down. 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 be alerted by email.
- Market Trakker Charts – Updated Every Weekend
S&P 500 Index – Daily Chart
S&P 500 Index – Long-Term Trend (Monthly) Chart
(Confirmed Long-Term Downtrend)
S&P 500 Index ETF (SPY) – Position Trend (Weekly) Chart
(Position Downtrend – Detected 2/27/20)
Updated: 4/3/20S&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)
New! NYSE Bullish Percentage Index
(Measures market participation)
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
IMPORTANT DISCLAIMER: THE MARKET TRAKKER IS A PREMIUM INVESTOR TOOL THAT IS FOR INFORMATIONAL AND EDUCATIONAL PURPOSES. YOU SHOULD ALWAYS CONSULT A FINANCIAL PROFESSIONAL BEFORE MAKING ANY FINANCIAL DECISIONS. FOLLOWTHEMONEY.COM, ITS OWNERS AND SUBSIDIARIES SHALL NOT BE HELD LIABLE FOR ANY INVESTMENT DECISIONS EMPLOYED BY OUR MEMBERS. INVEST AND TRADE AT YOUR OWN RISK!