SPX: Still In Technical Downtrend On Weekly Timeframe

Following Fed Chairman Powell's speech today, the SPX rallied up to its downtrend line on the weekly timeframe, as shown on the following chart.

As I mentioned in my post of August 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.


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Disclaimer: All of my posts (and charts) contain solely my own technical analyses/opinions/observations (which may contain errors or omissions) of a variety of markets and are ...

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