| It was a second consecutive negative week for the S&P 500 index (^GSPC). During the week, the S&P 500 dropped 54.18 points, or 5.03%, and closed at 1022.58 on Friday, July 02, 2010. It was the worst weekly loss since May 7, 2010. ^GSPC was trading at average weekly trading volume. Read More ... A medium-term downtrend had started on April 26, 2010 at 1219.80 and reached 1010.91 on July 1, 2010. S&P 500 lost 208.89 points, or 17.12%, in 66 days. The trend is forming a falling channel chart pattern and has five waves structure. The fourth wave up has reached 1131.23 on June 21st. In our previous publication on Sunday, June 20 we wrote: "Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought for both S&P 500 and Dow Jones Industrial Average. More than 60 S&P members have the Downtrend Resistance Alert. A medium - term downtrend may resume soon." A fifth down wave started on June 21st at 1131.23 and reached 1010.91 on Thursday, July 1st. S&P 500 lost 120.31 points, or 10.64%, in 20 days. The trend line support is now near 985. | ||
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Daily Williams' Percentage Range is oversold, while weekly Williams' Percentage Range and daily Lane's Stochastic are strongly oversold for all three major US indices: S&P 500, Dow Jones Industrial Average and NASDAQ. More than 28% of S&P members are oversold, and more than 22% have a Trend Support Alert. The fifth wave down is near completion. A short-term trend reversal may start soon. | ||
Presented by www.thegreedytrader.com Research Group. | ||
Sunday, July 04, 2010
S&P 500 members - Trend Support Alert
