S&P 500 Cash Index closed today at 2063.95 and is trading up about .97% for the year from last year's closing of 2043.94.
So far, we have been trading up for the past 4 days since the low made on Thu. Mar. 24, 2016. On a broader perspective, this market has been trading up overall for the past 34 days following the low established Thu. Feb. 11, 2016. On the weekly level, indeed we have been generally trading up for the past 6 weeks. This market has been in a bearish consolidation phase for the past 9 months. Some caution is necessary since the last high 2134.72 was important given we work under a red arrow signal.
Universally, my broader-term looking forward recognizes that the current bearish progression in S&P 500 Cash Index reflects only a temporary correction is in motion at this time. We have elected a Yearly Bearish Reversal from the major high of 2015 suggesting that we have entered a change in long-term trend. Currently, this market is still trading significantly above this level by about .33%. Resistance conspicuously stands at last year's high of 2134.72. So far, this market has remained in a bearish tone since the 2134.72 major high established back in 2015.
Looking at the immediate trend is turning bullish since this market has exceeded the week of March 14th's high. This is warning to focus on this trend since last month had closed lower so the upward momentum is weak on a monthly level.
On our Pattern Recognition Model, we see current projections on each time level as follows: Beginning with the yearly level, I see the pattern projection currently on a dynamic basis so far this year is still bullish. Looking at the quarterly level, I see that here the pattern status is moving higher. Focusing on the pattern model for the monthly level, here I can see our pattern position remains suggesting that this is a Reaction High getting ready to turn down. Turning now to the weekly level, the pattern status currently is caution pressing lower.
Generally, this market is in an uptrend position on all our weekly indicators for the near term trend. We see here the trend has been moving up for the past 6 weeks. Taking a broader view, this market is in a downward trend on all our indicators looking at the monthly level. Observing the direction of this trend, we have been moving down for the past 3 months. The last high on the monthly level was 2116.48, which was created during November 2015. The last monthly level low was 666.79, which formed during March 2009. The trend should continue lower as some point shortly.
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