The State of the Trend
Last November we published this chart which pointed to a measured move upside target of 2003 for the SPX. After hovering around this number since the end of August, the index finally managed to close above it on Friday:
While the SPX needs to spend more than a few hours above 2003 to confirm the breakout, we will use 2003 as our bullish/bearish fulcrum going forward. The hourly chart shows another megaphone pattern in the making with an upside target of 2018, while the weekly upside swing target is 2036:
Charts courtesy of OT Signals
In summary, the trend for the SP500 remains up in all three time frames (daily, weekly and monthly). The automatic angle drawing tool in OT Signals makes it easier than ever to keep track of short and long term trend changes.
Gold and silver remain in a downtrend with silver sitting right on support dating back to 2013. As far as retracements go, $17.87 is the last technical retracement level that separates SLV from a retest of the 2008 lows: