S&P 500 peak with a head and shoulder formation
As of early October 2022, the index was in an upward trend peaking with a head and shoulder formation HS. Turnover volume supports the formation well. There is a marginal break down about 3% and an objective to around 4080. The index continue in a shorter downward trend and has come down to SMA 200.
RSI and OBV follow the short trend down.
The MA and oscillator on Trading View stands one day on sell, one week on neutral and one month on buy.
Consider index technically neutral in the medium term – one to 6 months.
Other indexes such as the Dow Jones, NASDAQ and Russell 2000 have more or less a similar pattern.
For the long-term investor, this analysis may be irrelevant.
Disclaimer: I don't trade an index for current, but I do have stocks that are included in the index. Remember you must do your own research before buying and selling.
Sources: Trading View and markeds.com.
RSI and OBV follow the short trend down.
The MA and oscillator on Trading View stands one day on sell, one week on neutral and one month on buy.
Consider index technically neutral in the medium term – one to 6 months.
Other indexes such as the Dow Jones, NASDAQ and Russell 2000 have more or less a similar pattern.
For the long-term investor, this analysis may be irrelevant.
Disclaimer: I don't trade an index for current, but I do have stocks that are included in the index. Remember you must do your own research before buying and selling.
Sources: Trading View and markeds.com.
This chart is perhaps easier to read.