SPX rises to highest close since August 29th

S&P 500 Index (SPX) Technical Analysis Report for Sep 14, 2018

Highlights

SPX closes higher for the 5th day in a row
SPX finds buyers again around 2895.77
SPX rises to highest close since August 29th
SPX closes within previous day's range after lackluster session
SPX ends the day indecisive

TQ Sentiment

Report Sentiment: 25% Bearish
Technical Forecast:

Overview

Moving higher for the 5th day in a row, SPX ended the week 1.16% higher at 2904.98 after edging higher $0.80 (0.03%) today. Today's closing price of 2904.98 marks the highest close since August 29th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SPX

Volatility

Friday's trading range was $12.53 (0.43%), that's below last trading month's daily average range of $15.43. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 2916.50. After having been unable to move lower than 2896.39 in the prior session, the index found buyers again around the same price level today at 2895.77.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 2916.50 where further buy stops could get activated. With prices trading close to this year's high at 2916.50, upside momentum might accelerate should the stock index be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for S&P 500 Index

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