S&P 500 Testing Strong Support, With Fear Levels Rising

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October 19, 2018 6:45am NYSE:IVV

wall of worry

From Chris Kimble: This chart looks at the S&P 500 on a weekly basis over the past couple of years.


Since the start of 2016, the S&P has spent the majority of the time inside rising channel (1).

In January the S&P hit the top of the rising channel and selling quickly took place, taking it down to test rising support in a matter of a couple of weeks.

The softness of late has the S&P facing rising channel support and its 200-day moving average at (2). 

CNN Fear & Greed Index-

CLICK ON CHART TO ENLARGE

The S&P’s upward trend remains in play until it breaks below rising channel support and its February lows.


The iShares S&P 500 Index ETF (IVV) rose $0.39 (+0.14%) in premarket trading Friday. Year-to-date, IVV has gained 4.06%.

IVV currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #2 of 152 ETFs in the Large Cap Blend ETFs category.


This article is brought to you courtesy of Kimble Charting Solutions.


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