S&P: Still in a Technical Downtrend
US500
-0.09%
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Following Fed Chairman Powell’s speech, the SPX rallied up to its downtrend line on the weekly timeframe, as shown on the chart.
As I mentioned in on Aug. 21, the SPX is still in a technical weekly downtrend until it makes a higher swing high and swing low. So far, it’s made neither.
Its 50 and 200-week moving average zone of support and resistance is narrowing. A breakout/breakdown and hold above/below either moving average may forecast a longer-range projection of trend on this timeframe.
SP 500 Weekly Chart
