S&P 500 (SPY)

23 October 2018

Technical Summary: Lets turn to the most famour chart in the world, the S&P 500. The chart above is of the popular ETF that tracks the indexes performance, commonly known as the SPY or the Spiders. A glance at the 5 year chart on the right will confirm what you already know, that we have been in a long term bull market where the index has generally moved higher. The index moved through a period of volatility in 2016 before really taking off in 2017. The volatility has come back in a meaningful way in 2018 with the index being prone to serious snap backs after strong rallies. The violent pullbacks have normally occured over a few trading sessions. This has currently just happened and the SPY appears to be consolidating around an area of support. The question is whether this will turn out to be a buying opportunity like last time or if we are destined for further lows?

Check the 1 year and 5 year technical analysis out for the S&P 500, the most popular chart in the world

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