The S&P 500 Technical Analysis - A Specialist in Technical Analysis

For Nov, 23 2015

(Individual Chart Analysis)

This is a no-frills analysis.  It is not designed to look good, it is designed to be effective. 


Summary of the Technical Analysis for the S&P 500

(This takes into account the near term, mid term, and longer term charts)

Our combined analysis for Monday tells us to expect the market to begin the day with a bias to decline and tells us to expect new neutral channels to develop.  Sideways action is evident in the midterm chart patterns and the longer-term chart patterns are also neutral after the negative and positive candles that developed over the past two weeks.  The markets have not all tested midterm neutral resistance, but the dow Jones industrial average came close and the other markets have developed sideways action after Friday's session which suggests and supports the neutral indicators offered in our near term charts and in the long term chart patterns now.  The breaks of near-term upward sloping support open the door for a retracement to a neutral support level in favor of neutral channels as a result.  The more immediate neutral support level is quite a bit lower than current market levels so if the market remains below resistance as that is defined in our combined data tables, which was upward sloping support in the near term patterns, we should be ready for a relatively aggressive market decline, but if the market reverses back above these former levels of support which have now been converted into resistance that risk will likely abate.  Treat converted resistance as inflection accordingly.

Initial intraday trading parameters for the S&P 500 exist between2068 - 2092
If 2068 breaks lower expect 2022
If2092breaks higher expect 2115
Otherwise expect2068 - 2092 to hold

If 2068 remains in tact as initial support, expect the market to increase to 2092. This reflects a tight near term down channel. However, and in line with our combined analysis, if 2068 breaks lower instead expect the market to decline to 2022 before it stabilizes again.


NEAR Term Analysis

Our combined near-term analysis tells us that the near-term upward sloping channels are beginning to break and that suggests that the market can decline from current levels to neutral support accordingly.  Our combined near-term analysis tells us to expect the market to begin the day with a bias to decline as it opens on Monday and it suggests that the market could fall rather aggressively as it defines its new neutral near term channel.  The breaks of upward sloping support tell us that the aggressive increases are likely to abate in favor of neutral channels accordingly, and we're looking for new neutral channels to be defined in the process.  Currently, near-term neutral support is materially lower.

NEAR Term Support for the S&P 500 exists at 2065

NEAR Term Resistance for the S&P 500 exists at 2092

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MID Term Analysis

Our combined midterm analysis tells us that the Dow Jones industrial average came within striking distance of midterm neutral resistance, but the other markets did not.  The other markets are flat lining, which means they're moving in a sideways fashion, but resistance was not tested in the other markets and it still could be.

MID Term Support for the S&P 500 exists at 2071

MID Term Resistance for the S&P 500 exists at 2115

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LONG Term Analysis

Our combined longer-term analysis tells us that the positive candles that surfaced last week served to offset the negative candles from the week before and as a result of our combined longer-term analysis is not offering any immediate positive or negative indicators.  Instead, it is much more neutral.

LONG Term Support for the S&P 500 exists at 1887

LONG Term Resistance for the S&P 500 exists at 1990

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