D Hawkins

19
Jul

S&P 500 Still In Downtrend

Posted by D Hawkins

This is the update of my July 10th post last week, where I pointed out the significance of the merged Old S3 and New R2 curves at 1099.  In the first chart here, weekly bars, we see that last week price came right up to those curves and turned down, reinforcing the fact that we’re still in a downtrend on this timeframe.

The second chart here, daily bars, shows how nicely the resistance at the 1099 level took place, made even clearer by the nature of the candlesticks.  On this short term timeframe, I’d say we’re in a consolidation between those two red marked levels.

^GSPCwkly

^GSPCdailyShow

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