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SP500 Weekly Price Chart

The Index is in a stabilization phase and the trend is neutral, but the price is supported by the rising weekly 7-period moving average that is crossing over the 20-period moving average and which is strongly supportive of higher prices. As long as the price does not close below the 7-period average the bull case prevails.

2018-06-19_SP500-UTW

SP500 Monthly Price Chart

The price has been bouncing on the rising monthly 7-period moving average, which is also supportive of higher prices. If a correction should intervene it will be most probably when approaching the level of the previous historical top (red line) than from the present price level.

2018-06-19_SP500-UTM

SP500 Quarterly Price Chart

The price has been bouncing on the quarterly 7-period moving average and is now pushing above the upper volatility band that should act as a pilot fish to higher prices. As we are ten days away from the quarterly close we should expect a dynamic bullish close for the quarter.

2018-06-19_SP500-UTQ

SP500 Quarterly Price Chart

The price is pushing upon the diverging upper yearly band, which is reminiscent of a previous similar event in 1996 (blue arrows). The funnel-shaped volatility envelop foretells a continuation of the bull market until next year at least.

2018-06-19_SP500-UTY

Conclusion

From a long term perspective rather than crashing, or even correcting lower, the SP500 is probably going to accelerate higher from the present price level. On the shorter term the index will remain bullish as long as there is no close below the weekly 7-period moving average.

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