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November 19, 2012
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The S&P 500 Index Just Broke a Long Term Up Trend - Do You Care?
Trading doesn't have to complex.
Sometimes simple indicators are better. Trend lines are easy to follow and often meaningful.
Below is a weekly chart of the S&P 500 Index showing the recent break of an up-trend in place since 2009. If price stays beneath this level, it will likely be tough for Bulls.
In addition to the trend line break, there is a negative divergence (where recent price highs happened with lower momentum). Technicians often take this to be sign of weakness.
Let's see what happens.
Posted by Howard Getson at 12:20 AM in Current Affairs, Market Commentary, Trading, Trading Tools | Permalink
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