D Hawkins

12
Jun

S&P 500 Short Term – Downtrend Ended, Probably in New Uptrend

Posted by D Hawkins

This is an update of my June 1st post.

This past week, price came down to the support at the low of May 25th and rebounded, and is starting to break resistances.  This is the Midas definition of being in a new uptrend.

Also, notice in the upper pane that the Money Flow Index (the volume weighted RSI) has formed a bullish divergence with price, and has broken its downtrend line and then supported on the other side of that line.  This is bullish.

^GSPCdailyShow

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