Jul
S&P 500 Intermediate and Long Term
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This is the update to my July 4th post.
The first chart here is of the intermediate term timeframe, shown on weekly bars. After bouncing up from Old R4 early this month, price has now broken above the S3/New R2 combo. So, I’d say that the downtrend that started in April has now at least paused. The most we can say right now is that it is in a consolidation. It won’t be a new uptrend unless and until it breaks above New R1.
The second chart here is of the long term, monthly bars. From a strictly Midas viewpoint, this chart shows a continuing downtrend, since price is breaking supports, S3 and S2, which remaining far below R1. It’s interesting to note, though, that this month’s bar has bounced up from the 38.2% Fib level, which may indicate some weakening of this downtrend.
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