S&P 500 Index: graphic analysis by starman45

I will post a short daily analysis of the index.

Technical comments will be greatly appreciated.

starman45

After the sell off in May, traders feared a return to the area in 1000.
Now we are in strong uptrend, with weekly close at 1225.85, above the highest of the year.
The chart shows a block of consolidation between 1218 and 1185, which are two areas of strong S / R.
I expect a retracement in one of those areas (short e long term) to see how the price reacts to them.
Chart daily (courtesy of ProRealTime.com)

Today there were some small profit-taking.
As expected, the short-term retracement to 1218 took place.
Good rebound from this area, until shortly before 1225 the index loses momentum.
Close @ 1223.25 (-0.21%), but above support 1218.
Buyers are still in control.
Chart daily (courtesy of ProRealTime.com).

Day of profit taking on Wall Street.
Red close at 1213.40: when you are near the highest, caution is in order.
Buyers still firmly in control.
Chart daily (courtesy of ProRealTime.com).

The sellers were not able to pull down the index;
so, managed to close in green above support, @ 1218.75.
Sellers defeated today ...
Chart daily (courtesy of ProRealTime.com)

Throughout the day, the index has not had the strength to reach 1218;
the profit-taking have been mild and not be able to drag down the index.
Untouched points 1200: so, trend still up.
Chart daily (courtesy of ProRealTime.com)

The profit-taking today have been more consistent.
The sellers have tried to bring the index to support 1185, but without success.
Inside red bar on the weekly (red) close.
The market has paused.
Charts, weekly and daily (courtesy of ProRealTime.com)

Good job here! Keep it up!

Another daily red candle for the index.
At the time the sellers have failed to even reach the area 1185.
However, another close below 1200 (psychological level).
Buyers are in control, but much weakened trend.
Chart daily (courtesy of ProRealTime.com)

Yesterday, close below the psychological level 1200; today, close below support 1185.
The sellers are gaining positions.
The support might turn into resistance.
Bad red close at 1178.34.
Trend down, now.
Chart daily (courtesy of ProRealTime.com)

Today the index has tried to reach the support area 1185.
The attempt, however, was useless.
Sellers do not yield and buyers are far from 1210.
Close at 1178.59 with an inside bar.
Chart daily (courtesy of ProRealTime.com)

Buyers are back on american markets.
Today there was a strong push to bring the index area in 1200, well above the support in 1185. Daily close at 1196.68
We need a weekly close above this area to give confidence to the upside.
Chart daily (courtesy of ProRealTime.com)

In the end, the week closed above support @ 1185 and the rally ended with a doji of uncertainty (with close below 1200 psycho level), but also tells us that the sellers have failed to take full control of the index.
Probably new attack of buyers next week.
Chart daily (courtesy of ProRealTime.com)

Another day of profit-taking.
However, support for 1185 holds very well.
Indeed, from there it bounces up to limit losses @ - 0,16%.
Doji daily: uncertainty, but buyers are still in control.
Chart daily (courtesy of ProRealTime.com)

Yesterday: bad red close @ 1180.73; sellers have given a good shot to the index.
Today: second part of the range, with good green close @ 1198.35.
Erratic price: to confirm the uptrend, you need a weekly close above 1200.
Chart daily (courtesy of ProRealTime.com)

Daily inside bar.
The price is trapped between support (1185) and resistance (1200).
Uptrend is not compromised.
Chart daily (courtesy of ProRealTime.com)

At the opening, the index is overwhelmed by a wave of sales. However, the attack of the sellers is blunt.
So the index can close above 1185 support, highlighted many times in this thread.
Buyers are still in control.
Chart daily (courtesy of ProRealTime.com)

Throughout the day, the index has sought to consolidate the support at 1185.
But we are not successful, so the uptrend is weakening and it is evident from the daily inside bar.
Red close @ 1180.54.
The index is coming off the block of consolidation between 1185 and 1200.
Chart daily (courtesy of ProRealTime.com)

As you can see, the chart shows the strong support offered by 1185.
This support has enabled buyers to keep control on the index.
Today, good green close at 1221.53, above resistance at 1218.
Chart daily (courtesy of ProRealTime.com)

As I explained in previous posts, the 1185 is an hard area.
When the index was losing momentum, this support has done its job.
So far the index closes above 1218, beginning the attack at the highest of the year.
On the weekly chart, bullish outside bar, which, however, is a bit bad located.
Trend is up.
Chart weekly (courtesy of ProRealTime.com)