 Hello and welcome to the chart of the week video with me David Madden Today's date is Friday the 13th of July 2018 and the time has just gone 11 15 British summer time this week's chart of the week is the S&P 500 and I've chosen the S&P 500 this week as yesterday and today the market has broken above the March highs so this is an indication we could be inside for further gains seeing as we created multi-month highs now taking a look at the price action trial 2018 the market at a record high in January after major sell-off and a bit of a bouncing around in February and March the market started to push higher in April and ever since April the market has been in a classic example of an upward trend and an upward trend is defined in a series of higher highs and higher lows so if we take a look at this area here at this leg here at the beginning of April the market pushed higher creating a higher high higher low higher high higher low higher high higher low and yet again another higher high so we're clearly moving in an upward trend and if the market does continue on to push higher from here we could be looking at targeting gain levels not seen since the beginning of the year taking a look at the MACD indicator and MACD histogram down here as you can see that as the market has been pushing higher in recent sessions to go on to hit a recent multi-month high we can see that the positive momentum is actually increasing so as the market is pushing higher positive momentum is actually increasing so momentum is with the bulls and with the buyers so it's confirmed the upward trend if you do manage to retake the 2800 level on the S&P 500 we could be looking at targeting the late January high of 2838 and if we go beyond that an extent of the key player for will be the all-time high of 2877 so they're the upside targets as you said where the market is currently in the class example of an upward trend so if you do see any moves to the downside that could be opportunity for buyers to step into the fold if we do see the market drift lower on the S&P 500 areas keep an eye for would be this blue line here the 50 moving average which comes to play at 2740 or this yellow line here the 100 moving average which comes into play at 2711 notice how both these markets we saw both these metrics moving averages we did about to see a lot of consolidation in or around those areas and if you've acted as kind of support in the past particularly the 100 moving average it makes it more likely that the will act as support in the future if you do manage to drift below there and if you take out the the late June low of 2690 the next year to keep an eye for will be the 200 moving average this red line here which comes to play a few points below that at 2685 and a size of a move below the two of the moving average could signal a change in sentiment at the DMI to drift below there keep an eye for the late April low of 2655 which is this price area here and if you go below that that'll be a pretty serious warning that we could be looking for further losses on the S&P 500 well that's all for me this week thank you very much