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S&P 500: Short and long term averages

S&P 500: Short and long term averages

SPX trades between 2 vital averages at 3774.69 to 3534.40.

Below 3534.40 targets the 5 year average at 3367.25 then 3193.52. Above 3774.69 confronts 4121.26 and 4316.71 then on the way to 4511.52 and 4598.46. At 4500’s is top and maximum top range.

Averages at 4121.26 and 4316.71 trade deep oversold Vs slight overbought at the 10 year average at 2676.55. Oversold short averages and overbought long term forces SPX into range trades.

Massive hurdles exist at 3774.69, 3731.00, 3716.97, 3822.61 and 3931.81. Then 4034.96, 4053.10 and 4121.26 at the average.

Shortest range is located from 3622.93 to 3716.97 and 3731.00, 3822.61.

Longer term range 4316.71 to the 5 year average 3367.25. Nothing exists to trade long term targets as accomplished in many previous SPX posts.

SPX within ranges translates to all stock market indices as all are members of the same asset class and all trade in unison to each other. Stock index averages are slow movers and don’t change fast or very much over time.

SPX overall trades 200 point weeks over past months. Last week SPX traded 259 points and 283 for the previous week. Current 200 point weeks factors to 40 and 50 point trade days.

The driver to SPX is DXY as DXY trades wider ranges than SPX and this is the correct manner of trade for SPX to underperform DXY.

What do you think?

Written by Judith Nistro

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