S&P 500 Index At Critical Intersection Point

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Below is a daily chart of the S&P 500 index. After Friday´s close, we have a three bar (day) triangle pattern which often leads to a breakout to the upside or downside the following day. Many market participants are watching closely the 4100 level; for me 4085 is a critical intersection point.  

The purple line on the chart is a long-term moving average and the arrows show some of the important swing highs and lows.

Above/below the arrows I list the percent of S&P 500 stocks which are above their long-term moving averages (LTMAs). The sequencing from October 12 is encouraging; with each new swing high and low, more stocks are getting above their LTMAs.

Will be interesting to see how next week plays out in the U.S. stock market.

 


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