S&P 500 Index Nears Important Long-Term Trend Support

www.investing.com/analysis/sp-500-index-nears-important-longterm-trend-support-200643166

By Chris Kimble | Oct 30, 2023 02:44PM ET

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Stocks have come under pressure and concerns are beginning to mount.

But rather than zooming in on the short-term, sometimes it’s good to zoom out and look at the long-term technical picture. And in today’s case, it may very well lead us to the short-term outcome as well.

Below is a “monthly” chart of the S&P 500 Index.

S&P 500-Monthly Chart

As you can see, its multi-decade trend remains up at each (1). And its long-term trend remains up at each (2).

But this is where things get tricky. The peak in 2021 came at the long-term trend channel resistance. We then turned down from there. We then saw a small bounce off the 14-year uptrend line marked by (2) before making a lower high. And now the price is compressing at (3).

So while the trend remains higher for now, it is very important what happens in the coming weeks. Let’s say that the bulls need support to hold at (3). Stay tuned.

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Comments (2)

Rich Ash Oct 30, 2023 11:41PM ET

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If you go back to far enough your lines can do what they want

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First Last Oct 30, 2023 3:23PM ET

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Try drawing the green channel starting after the Great Depression.

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US 30	43,738.0	+116.7	+0.27%
US 500	5,983.4	+28.0	+0.47%
Dow Jones	43,621.16	+159.95	+0.37%
S&P 500	5,955.25	-28.00	-0.47%
Nasdaq	19,026.39	-260.54	-1.35%
S&P 500 VIX	18.83	-0.60	-3.09%
Dollar Index	106.385	+0.157	+0.15%

Crude Oil WTI	69.03	+0.10	+0.15%
Brent Oil	72.56	+0.06	+0.08%
Natural Gas	4.115	-0.015	-0.36%
Gold	2,925.46	+6.66	+0.23%
Silver	32.093	+0.267	+0.84%
Copper	4.6983	+0.1708	+3.77%
US Soybeans	1,029.38	-0.62	-0.06%

U.S. 10Y	4.310	+0.012	+0.28%
U.S. 30Y	4.571	+0.015	+0.33%
U.S. 5Y	4.148	+0.017	+0.41%
U.S. 3M	4.307	+0.016	+0.37%
US 10Y T-Note	110.39	-0.13	-0.11%
Euro Bund	132.71	+0.25	+0.18%
10-2 Yield Spread	19.61	-2.98	-13.19%

Apple	247.04	-0.06	-0.02%
Alphabet A	175.42	-3.83	-2.14%
Tesla	302.80	-27.73	-8.39%
Amazon.com	212.80	+0.09	+0.04%
Netflix	977.24	-11.23	-1.14%
Meta Platforms	657.50	-10.63	-1.59%
Bank of America	43.94	-0.52	-1.17%

S&P 500 Index Nears Important Long-Term Trend Support

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