2020-11-29-SPX Trendline Analysis - Daily
The S&P500 ($SPX) rallied last week, ended just shy of all time highs. The ADX and price/volume both remain in uptrends, but the S&P is STILL extended from the 200-day moving average (~13.5%).
2020-11-29-SPX Elliott Wave Analysis-Daily-Primary 1
Elliott Wave remains in an uptrend, but we’ve got a negative divergence in the RSI and the MACD weakened.
Even though the signals are still green, there’s more downside risk than upside potential at this point. That doesn’t mean the S&P couldn’t go higher before another sell-off, only that now is a good time to take profits!
More positive news on the vaccine front last week, coupled with holiday trading volumes, gave the markets a push. The Dow Jones hit 30,000, which is impressive considering where it was in March.
It looks like travel also increased in the U.S. last week; unfortunately, that also means we're likely to see another surge in coronavirus cases over the next 10 days or so.
Best to Your Week!
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