by David G. Hawkins
This is my mid month review of the status of the S&P 500. In my last post on April 4th, I reviewed all four timeframes, from very long term (quarterly bars) down to short term (daily bars). Now at mid month, I will update the daily and weekly bars charts, leaving the monthly bar chart to update at the end of this month, and the quarterly bars one at the end of this quarter.
Short Term (Daily Bars Chart)
The first chart here is the daily bars chart. We see that since my April 4th update, price has rolled down to, and last Thursday bounced smartly up off of S1, continuing up on Friday. This bounce up was so definitive that I would expect upside follow-through over the next few days. It price goes on to break above the new R1, then we're in a new uptrend.
Intermediate Term (Weekly Bars Chart)
The second chart here is the weekly bars chart. Over the last two weeks it shows a minor pullback of no significance. The uptrend that started last September is still intact, and, according to the TopFinder, is now 44.5% done, with its completion projected to occur at the horizontal location of the dashed vertical purple line.