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S&P 500. Four Bearish Weeks in a Row and Price on a Major, Long-Term Support

Skylar Shaw

Apr 28, 2022 10:17

Technical Analysis of the S&P 500

This analysis' chart is a weekly chart of the S&P 500. The price is now forming its fourth negative candle in a row, indicating that we're on the verge of having four consecutive bearish weeks. 


We're nearing the end of a weekly candle, which will be lit on Friday. The last time this occurred was in September 2020, and the price came back and climbed higher after that. So, what do we have to look forward to now?


In the long run, the situation does not seem to be promising. A gigantic head and shoulders pattern was formed by the SP500. The most recent drop was to complete the work on the right shoulder.


The only thing left is to break the neckline (green), which may be rather difficult. The issue might stem from the fact that, in addition to the neckline, it's also a 23,6 percent Fibonacci and a true support in general, which first shown its efficacy in the middle of 2021. (orange).

Trading Methodology

It will be a big, long-term sell signal if the SP500 breaks that support and closes a weekly candle below the green line. There is still hope as long as the price remains above that level. It is widely considered that one should wait for the breakout before selling when the price is still above the main supports.


Buyers may look for an opportunity to rebound as long as we remain above; however, for that to happen, we need to see some upward momentum, which is presently lacking. The only thing left to do now is wait. The form and color of this week's candle should be quite useful in predicting future moves.

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