U.S. Major Indices: Uptrend Continues, Approaching Dec-Nov Resistance Levels

Sunil Sharma / February 24, 2019

S&P 500

*Current Trend*:	Confirmed Uptrend
Monthly	Up-sloping channel; at the median of a regression channel RSI made a Bearish Divergence in September 2018 and is below a downtrend line since
*Weekly*	Potential emergence of Arthur Merrill’s W7 or W11 or W12 wave patterns RSI-9 made a Bearish Divergence on 17-Sep-18; trying to break above a downtrend line; coming off oversold on 24-Dec-18
*Daily*	At 78.6% retracement of decline from 2940.91 on 21-Sep-18 to 2346.58 on 26–Dec-18 Near resistance levels created by the high of 2800.18 on 3-Dec-18 and 2816.94 on 17-Oct-18 Need to move above 2815.15 to break the sequence of lower high and lower lows continuing since Sep-18 Stochastic (70,1,3) Pop since 11-Feb-19 previous one lasted from 5-Jul-18 to 4-Oct-18 and the index rose from 2736.61 to 2901.61

Swing Highs and Lows

	Time Frame	High	Low
Last Swing	Monthly	2940.91 (Sep-18)	2346.58 (Dec-18)
	Weekly	2815.15 (11-Nov-18)	2346.58 (24-Dec-18)
	Daily	2738.98 (5-Feb-19)	2681.83 (8-Feb-19)

Pivots

Timeframe	Pivot	R1	R2	R3	S1	S2	S3
Monthly (Jan-19)	2619.00	2794.05	2883.99	3059.04	2529.06	2354.01	2264.07
Weekly (22-Feb-19)	2783.81	2803.06	2813.46	2832.71	2773.41	2754.16	2743.76

S&P 500 – Monthly

S&P 500 – Weekly

S&P 500 – Daily

Dow Jones Industrial Average

*Current Trend*:	Confirmed Uptrend
Monthly	Up-sloping channel; near the upper bound of a regression channel Stochastics Spike in Dec-18
*Weekly*	Made a Double Top on 1-Oct-18; Break below the intermediate low did not sustain; nearing the top RSI-9 nearing a downtrend line from 22-Jan-18 high
*Daily*	Above 78.6% retracement of decline from 2695181 on 03-Oct-18 to 21712.53 on 26-Dec-18 Near resistance levels created by the high of 26277.82 on 8-Nov-18 Need to move above 26277.82 to break the sequence of lower high and lower lows continuing since Oct-18 Stochastic (70,1,3) Pop since 12-Feb-19 previous one lasted from 16-Aug-18 to 08-Oct-18 and the index rose from 2736.61 to 2901.61

Swing Highs and Lows

	Time Frame	High	Low
Last Swing	Monthly	26951.81 (Oct-18)	21712.53 (Dec-18)
	Weekly	26277.82 (5-Nov-18)	2346.21712.53(24-Dec-18)
	Daily	25439.04 (6-Feb-19)	24883.04 (8-Feb-19)

Pivots

Timeframe	Pivot	R1	R2	R3	S1	S2	S3
Monthly (Jan-19)	24249.23	25860.06	26720.44	28331.27	23388.85	21778.02	20917.64
Weekly (22-Feb-19)	25948.97	26135.74	26239.66	26426.43	25845.05	25658.28	25554.36

Dow Jones Industrial Average – Monthly

Dow Jones Industrial Average – Weekly

Dow Jones Industrial Average – Daily

NASDAQ Composite

*Current Trend*:	Confirmed Uptrend
Monthly	Up-sloping channel; at the median of a regression channel RSI made a Bearish Divergence in Sep-19 and is below a downtrend line since
*Weekly*	Broke above a down-sloping flag on 21-Jan-19 RSI-9 come off oversold on 17-Dec-18
*Daily*	Between 61.8% and 78.6% retracement of decline from 8133.30 on 30-Aug-18 to 619017 on 24–Dec-18 Near resistance levels created by the high of 7572.93 on 07-Nov-18 and 7670.49 on 17-Oct-18 Need to move above 7572.93 to break the sequence of lower high and lower lows continuing since Aug-18 RSI-9 moving along or near 70 since 18-Jan-19; above 40 and rising since 26-Dec-18

Swing Highs and Lows

	Time Frame	High	Low
Last Swing	Monthly	8133.30 (Aug-18)	6190.17 (Dec-18)
	Weekly	7572.93 (5-Nov-18)	6190.17 (24-Dec-18)
	Daily	7410.77 (6-Feb-19)	7225.14 (8-Feb-19)

Pivots

Timeframe	Pivot	R1	R2	R3	S1	S2	S3
Monthly (Jan-19)	7014.00	7570.86	7859.99	8416.85	6724.87	6168.01	5878.88
Weekly (22-Feb-19)	7495.32	7559.76	7591.97	7656.41	7463.11	7398.67	7366.46

NASDAQ Composite – Monthly

NASDAQ Composite – Weekly

NASDAQ Composite – Daily

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