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US Stock Market: Next Big Trending Phase Likely To Begin Here
In our previous November 29th Stock Market Update & Asbury Investment Management Video, we pointed out that the benchmark S&P 500 (SPX) was testing major overhead resistance at its 200-day moving average, currently located at 4037, and said “how the index responds to this major resistance should indicate whether or not the 2022 major downtrend is still valid”.
In that report we also said: 1) our Asbury 6 risk management model turned back to Positive (bullish) on Oct 18th (the S&P 500 has risen by more than 10% since then) and that 2) a shift back to Negative in the “A6” would indicate the 2022 major downtrend was still intact and was resuming.
Here is a chart from yesterday’s Dec 10th Weekly Wrap-Up, one of our premium reports available to Asbury Research subscribers via our Research Center. It plots the S&P 500 daily since July along with its 50- and 200-day moving averages, widely-watched minor and major trend proxies.
The S&P 500 daily since July
The red highlights show that SPX is currently testing and failing from major overhead resistance at 4046 to 4115, which represents the 200-day moving average as well as the 2022 major downtrend line and the Feb 24th benchmark low.
This is a major inflection point for the US broad market index from which its 2022 major downtrend should resume if still valid. The chart also shows that Primary Tactical support is situated just below the market at 3912 to 3840. A meaningful and sustained breakdown below this support would potentially clear the way for a deeper decline.
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