S&P500 Technical Outlook March 28

Image SPY - S&P500 Technical Outlook March 28 - The Trade RIsk

S&P500 PROS

  • The near 1% $SPY gap down yesterday was completely reversed and finished with a close near the highs of the day.
  • We’re seeing upside follow through to yesterday’s reversal (so far).
  • Long term weekly+ uptrends remain higher and bullish.
  • Breadth recovering nicely, no major divergences.
  • The frothy sentiment of late February completely reset and moved into ‘fear’ territory coming into this week.

S&P500 CONS

  • Below (testing) the flattening 8/20EMA.
  • Downtrend on daily/hourly chart still in place.
  • The small caps (risk appetite) continue to underperform.

We covered half our SPXS hedge yesterday, the rest this morning, and continue to remain net long, positioned for upside over the near to intermediate term.

We have a handful of longs on, but our latest entries for multi-week swings include: AXTA, FFIV.

If you need some help navigating these markets, check out our premium membership options.

Happy Trading!


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Evan Medeiros

Evan is the founder of the Trade Risk. With 20+ years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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