Monday, October 15, 2018

SPX S&P 500 Monthly Chart; Battling at the 10 and 12-Month MA's

The 200-day MA and other key moving averages remain in play. The most important levels for the S&P 500 are the 10-month MA at 2765 and 12-month MA, the cliff, at 2747. The SPX is at 2769. As long as the SPX remains above the 10-mth at 2765, the bulls are creating a relief rally. Markets deteriorate below 2765. If the SPX loses 2747, it is lights-out for the stock market for weeks, months and perhaps years to come.

Key moving averages are;
150-day MA = 2774
SPX is currently printing 2769
200-day MA = 2767
10-mth MA = 2765
12-mth MA = 2747
50-wk MA = 2747

A failure at 2765-2767 is a major problem and price will likely want to sink lower for another test of the support in the 2740's. A failure at 2747 is the Armageddon outcome for the stock market for the weeks and months ahead. Bulls need to push above 2774 which would provide more upside juice for equities. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added 12:03 PM: The SPX is at 2755 tumbling down through the 2765-2767 support. There may be a test of the 2747 support on tap which is a major bounce or die decision; the pivot from this key area determines the fate of the US stock market for many months ahead.

Note Added on Thursday, 10/18/18, at 11:39 AM: The bulls won out with a relief rally sending the SPX up through 2774 and back above 2800. On Thursday, today, the bears continue applying pressure with the SPX moving lower currently at 2782. A back kiss of the 2774 support (150-day MA) may occur where a bounce or die decision will again occur.

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