3/25/2017 Sp500 update

The sp500 index ran into a cross right now. The level 2335~2336 is the conjunction of running down channel of a uptrend trend line. Following is some technical indicators' observations:

• 50 days MA (2330.56) is just inch away from current level support: 2335
• except the down channel and uptrend trend line, the index also runs within a small box [2335.74, 2358.92]
• CCI and MFI indicates a little bit oversold
• $NYMO happens some bottom divergence (not sure it has to work out, never use $NYMO bottom divergence before)
• dollar weighted volume runs flat and down a little
• the longer term trend line from 2016 Feb low 1810.1 and pre-election low 2083.79 are gradually merging with 200 days MA 

http://schrts.co/Oo3ZmJ

In summary, the possible path of sp500:

• the 50 days MA just below the current small scale trend line, the index may bounce from hitting the 50 days MA, 
• if yes, the resistance level 2358.92 if hold, the downside move will resume
• if no, 50 days MA will acts as the major resistance
• since wave 5-3-2 hitting the same trend line and 200 days MA, then started the wave 5-3-3, so this corrective wave 5-3-4 may behave the same way as wave 5-3-2, thus sp500 most probably will hit 2250~2275 area to touch the trend line and 200 days MA confluence, then start wave 5-3-5.

My personal opinion: since 50 days MA still pointing up , the first hit, it should hold, so still expect the 50 days MA bounce.

My personal opinion is not for investment purpose, but for education and illustration purpose.