Is the S&P Technically Not Bullish Now?

It has been an interesting week for the S&P 500 index (($INX). After posting a new all-time high of 6,920.34 the last week of October, the Index has fallen to a low of 6,574.32 this week (Tuesday, October 18), a drop of 346.02 (5%). While still a long way from the 20% level that marks a “bear” market, from a technical point of view, the Index took out its previous 4-week low of 6,631.44 from the week of October 3. What does this tell us? According to John J. Murphy in his book “Technical Analysis of the ...