There is a simple method to use to determine the potential for an end to the current bull trend.
It involves watching the price and breadth of the S&P 500 for the remainder of the month via two widely used ETFs traders and portfolio managers utilize for management and technical analysis.
One is the SPDR S&P 500 ETF (N:SPY), representing price via market capitalization weight.
The other is the Guggenheim S&P 500 Equal Weight ETF (N:RSP), representing breadth via equal weight.
Below are the prices to watch for after the close at the end of the month.
SPY
- Critical Support: $190.50
- Long-Term Trend Line: $171.23
RSP
- Critical Support: $73.24
- Long-Term Trend Line: $69.03