Charting the S&P 500: Can the Index Keep It Going?
The S&P handled some volatility last week, but a seasonally weak stretch is upon us.
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As much as the bears have compelling reasons why the stock market should falter, the bulls and dip buyers just won’t let it happen.
This past week gave the sellers more than enough to push the markets lower but it just did not happen. A big selloff following the Fed statement Wednesday and even a modest gain into the long weekend has many wondering what is next. History spells trouble. The next couple of weeks are notoriously weak as we head into the July 4th weekend.
Can the bulls just hold things together? The technicals say “yes they can.”
With the candles now turning teal, the price action is in a cautiously bullish state. The trend, however, remains up, with higher highs and higher lows.
Money flow is flattening out, and MACD remains on a buy signal but seems also to be flattening out, which tells us the strong momentum from the last couple months is weakening now. A tight, narrow consolidation into the next earnings cycle would be ideal for the bulls, but there is never a linear result.
Indexes are up strong for 2026 and no doubt many will be looking at this recent move and wondering why they are on the sidelines. Technology and semiconductors have been strong and often lead a bull market run.
