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S&P: Still in a Technical Downtrend

12/02/2022

Less than a minute

2022.12.02 01:15

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Candy Matheson

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

As I mentioned in on , 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.

SP 500 Weekly Chart