MACRO VIEW: SPX HOLDS MACRO UPTRENDS
Despite all the fuss and fears about US stock market recently, on macro basis SPX looks fairly good.
The index did break its 5-year uptrend (in relation to 260 week mean - now at 2015) during August selloff and for now stays below its border, However the price did not even test is 10-year uptrend (in relation to 520 week mean).
What it tells us so far that the longer term trends are intact and strong, and nothing changed dramatically since the start of 2013.
Upcoming earnings season is feared a lot by general media, and it can potentially trigger the 10-year uptrend test (drop to 1835), however as of now market shows no such expectations!
The index did break its 5-year uptrend (in relation to 260 week mean - now at 2015) during August selloff and for now stays below its border, However the price did not even test is 10-year uptrend (in relation to 520 week mean).
What it tells us so far that the longer term trends are intact and strong, and nothing changed dramatically since the start of 2013.
Upcoming earnings season is feared a lot by general media, and it can potentially trigger the 10-year uptrend test (drop to 1835), however as of now market shows no such expectations!
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