S&P500 update: back below 2,000 but still looking bullish.

August 29, 2014

Fri 29th Aug

The S&P500 closed back below the psychological 2,000 level today BUT the buying into the close did not look anything like a nervous market. This is despite ongoing geopolitical concern festering around the globe.

S&P500 daily chart: back below 2,000 with one day to go before the month finishes. The daily support trend line is still intact and well below current price.

S&Pdaily

S&P500 30 min chart: ‘buying into the close’ seen here:

S&P30min

S&P500 monthly: one more trading session before the monthly candle closes but this is still printing a bullish engulfing candle for now. The daily and monthly trend lines are below current price:

S&Pmonthly

S&P500 daily Ichimoku Cloud: being ‘long’ above the Cloud is still a pretty good strategy:

S&PdailyCloud

Monday is a holiday in the USA and I’d be surprised to see a ‘down day’ before this event.