{"id":2101,"date":"2026-04-26T17:41:59","date_gmt":"2026-04-26T16:41:59","guid":{"rendered":"https:\/\/round-robin.eu\/blog\/?p=2101"},"modified":"2026-04-26T17:42:31","modified_gmt":"2026-04-26T16:42:31","slug":"sp500-technical-analysis-weekly-chart-of-the-week-17-26","status":"publish","type":"post","link":"https:\/\/round-robin.eu\/blog\/sp500-technical-analysis-weekly-chart-of-the-week-17-26\/","title":{"rendered":"Chart of the Week: S&#038;P500 index"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\"><em><span style=\"color: #666666;\">Weekly appointment with the world&#8217;s most watched charts.<\/span><\/em><\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Last week in <a href=\"https:\/\/round-robin.eu\/blog\/technical-analysis-eurusd-dax-sp500-gold-silver-bitcoin-charts-flash-week-16-26\/\">Charts Flash<\/a> we called the S&amp;P 500 the obvious pick for Chart of the Week, deferring to the <a href=\"https:\/\/round-robin.eu\/blog\/[SLUG-COTW-NIKKEI-W16]\">Nikkei 225<\/a>.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Another week of higher highs and higher lows, a new all-time closing high. But in a context of compressed moves and a market that is not pricing risk.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Our volatility indicator tells a different story. We are at levels that in a bull market context have been seen only once in the last 26 years. It was March 2000.<\/p>\r\n<p><!--more--><\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Bulls vs Bears<\/h2>\r\n<p>\r\n\r\n\r\n\r\n<\/p>\r\n<div id=\"attachment_2113\" style=\"width: 1348px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/infografica-S6P500-weekly.webp\" data-lbwps-width=\"1338\" data-lbwps-height=\"588\" data-lbwps-srcsmall=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/infografica-S6P500-weekly-300x132.webp\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2113\" class=\"size-full wp-image-2113\" src=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/infografica-S6P500-weekly.webp\" alt=\"\" width=\"1338\" height=\"588\" srcset=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/infografica-S6P500-weekly.webp 1338w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/infografica-S6P500-weekly-300x132.webp 300w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/infografica-S6P500-weekly-1024x450.webp 1024w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/infografica-S6P500-weekly-768x338.webp 768w\" sizes=\"auto, (max-width: 1338px) 100vw, 1338px\" \/><\/a><p id=\"caption-attachment-2113\" class=\"wp-caption-text\">infographic: S&amp;P500 weekly &#8211; Bulls vs Bears<\/p><\/div>\r\n<p class=\"wp-block-paragraph\">About 244 total points in play. Two weeks ago the range exceeded 600. The Fear Indicator at 5% captures total complacency carrying over from the previous week.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A mild continuation, enough for a new all-time closing high but, this week, without the conviction of a market that is pushing.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">The Big Picture<\/h2>\r\n<p>\r\n\r\n\r\n\r\n<\/p>\r\n<div id=\"attachment_2111\" style=\"width: 1894px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-weekly-2.webp\" data-lbwps-width=\"1884\" data-lbwps-height=\"892\" data-lbwps-srcsmall=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-weekly-2-300x142.webp\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2111\" class=\"size-full wp-image-2111\" src=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-weekly-2.webp\" alt=\"\" width=\"1884\" height=\"892\" srcset=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-weekly-2.webp 1884w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-weekly-2-300x142.webp 300w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-weekly-2-1024x485.webp 1024w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-weekly-2-768x364.webp 768w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-weekly-2-1536x727.webp 1536w\" sizes=\"auto, (max-width: 1884px) 100vw, 1884px\" \/><\/a><p id=\"caption-attachment-2111\" class=\"wp-caption-text\">chart: S&amp;P500 weekly<\/p><\/div>\r\n<p class=\"wp-block-paragraph\">Weekly close at 7,165.08.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The MA5W and the MA10W are still below the MA20W. The fast moving averages have not recovered the bearish cross generated by the March correction. Price is running alone.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The overextension on the MA5W has reached 3.44%. The 2025 peak was 2.90%, reabsorbed with a sideways and bearish move on the highs.<\/p>\r\n<p>To find higher values you need to go back to the post-COVID bounce or to 2009.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">These are not standard situations, they are not low frequency, they are rare.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Volatility Indicator<\/h2>\r\n\r\n\r\n\r\n<div id=\"attachment_2109\" style=\"width: 1894px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-volatility-indicator.webp\" data-lbwps-width=\"1884\" data-lbwps-height=\"892\" data-lbwps-srcsmall=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-volatility-indicator-300x142.webp\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2109\" class=\"size-full wp-image-2109\" src=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-volatility-indicator.webp\" alt=\"\" width=\"1884\" height=\"892\" srcset=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-volatility-indicator.webp 1884w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-volatility-indicator-300x142.webp 300w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-volatility-indicator-1024x485.webp 1024w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-volatility-indicator-768x364.webp 768w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-volatility-indicator-1536x727.webp 1536w\" sizes=\"auto, (max-width: 1884px) 100vw, 1884px\" \/><\/a><p id=\"caption-attachment-2109\" class=\"wp-caption-text\">chart: S&amp;P500 &#8211; Volatility Indicator<\/p><\/div>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">19.80%. A top value for the last decade, excluding the COVID crash.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Every peak in the 18-20% area over the past ten years was recorded exclusively in bear markets and often produced a reversal.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">To find a comparable peak in a bull market you need to go back to the week of March 24, 2000.<\/p>\r\n<p>The market registered a top, crashed in the following three weeks from 1,552 to 1,339, bounced and eventually started the Dotcom bear market.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">The 2000 precedent<\/h2>\r\n\r\n\r\n\r\n\r\n\r\n<div id=\"attachment_2108\" style=\"width: 1894px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility.webp\" data-lbwps-width=\"1884\" data-lbwps-height=\"892\" data-lbwps-srcsmall=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-300x142.webp\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2108\" class=\"size-full wp-image-2108\" src=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility.webp\" alt=\"\" width=\"1884\" height=\"892\" srcset=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility.webp 1884w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-300x142.webp 300w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-1024x485.webp 1024w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-768x364.webp 768w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-1536x727.webp 1536w\" sizes=\"auto, (max-width: 1884px) 100vw, 1884px\" \/><\/a><p id=\"caption-attachment-2108\" class=\"wp-caption-text\">chart: S&amp;P500 &#8211; Bulls High Volatility March 2000<\/p><\/div>\r\n<p class=\"wp-block-paragraph\">In January 2000 the market set an all-time high. A correction followed, then a violent V-shaped recovery and a large candle that broke the previous top decisively. Then the crash, a long distribution phase and the start of the Dotcom bear market in early 2001.<\/p>\r\n\r\n\r\n\r\n<div id=\"attachment_2107\" style=\"width: 1894px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-2026.webp\" data-lbwps-width=\"1884\" data-lbwps-height=\"892\" data-lbwps-srcsmall=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-2026-300x142.webp\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2107\" class=\"size-full wp-image-2107\" src=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-2026.webp\" alt=\"\" width=\"1884\" height=\"892\" srcset=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-2026.webp 1884w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-2026-300x142.webp 300w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-2026-1024x485.webp 1024w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-2026-768x364.webp 768w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-bulls-high-volatility-2026-1536x727.webp 1536w\" sizes=\"auto, (max-width: 1884px) 100vw, 1884px\" \/><\/a><p id=\"caption-attachment-2107\" class=\"wp-caption-text\">chart: S&amp;P500 &#8211; Bulls High Volatility 2026<\/p><\/div>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Today: all-time high in January 2026, correction ending in late March, V-shaped move, new record.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">There are other cases where a bull volatility peak on the highs led to continuation. But in different contexts: the break of the previous high came gradually, barely exceeded for weeks before moving higher.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">What sets this peak apart, like the one in 2000, is that it arrived with a V-shaped move and a violent break of the previous top with a single candle.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Overextension on MA200W<\/h2>\r\n\r\n\r\n\r\n<div id=\"attachment_2112\" style=\"width: 1051px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/SP-500-Overextensions-Cycles-Above-MA200W.webp\" data-lbwps-width=\"1041\" data-lbwps-height=\"806\" data-lbwps-srcsmall=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/SP-500-Overextensions-Cycles-Above-MA200W-300x232.webp\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2112\" class=\"size-full wp-image-2112\" src=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/SP-500-Overextensions-Cycles-Above-MA200W.webp\" alt=\"\" width=\"1041\" height=\"806\" srcset=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/SP-500-Overextensions-Cycles-Above-MA200W.webp 1041w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/SP-500-Overextensions-Cycles-Above-MA200W-300x232.webp 300w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/SP-500-Overextensions-Cycles-Above-MA200W-1024x793.webp 1024w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/SP-500-Overextensions-Cycles-Above-MA200W-768x595.webp 768w\" sizes=\"auto, (max-width: 1041px) 100vw, 1041px\" \/><\/a><p id=\"caption-attachment-2112\" class=\"wp-caption-text\">Table: S&amp;P 500 Overextension Cycles Above MA200W (1990-2026)<\/p><\/div>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Week 184 of the current cycle. The overextension moves back to 34.21%, above 30%.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">In the <a href=\"https:\/\/round-robin.eu\/blog\/sp500-technical-analysis-weekly-chart-deep-dive\/\">February deep dive<\/a> we wrote that +38.15% was the second highest value ever recorded in 40 years of data, surpassed only by the 2000 peak (+60.58%). We wrote that in 40 years every overextension of this magnitude has been historically reabsorbed and that the ultimate target is the MA200W.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">In the <a href=\"https:\/\/round-robin.eu\/blog\/technical-analysis-sp500-chart-of-the-week-11\/\">Chart of the Week Week 11<\/a> the overextension had dropped to 28.22%, below 30% for the first time. The compression was proceeding cycle after cycle toward its historical reabsorption.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">In a matter of weeks the market reversed the compression. The V-shaped recovery pushed the overextension back above 30% and toward the 2025 peak.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">BCP3<\/h2>\r\n<div id=\"attachment_2110\" style=\"width: 1894px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-BCP3.webp\" data-lbwps-width=\"1884\" data-lbwps-height=\"892\" data-lbwps-srcsmall=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-BCP3-300x142.webp\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2110\" class=\"size-full wp-image-2110\" src=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-BCP3.webp\" alt=\"\" width=\"1884\" height=\"892\" srcset=\"https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-BCP3.webp 1884w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-BCP3-300x142.webp 300w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-BCP3-1024x485.webp 1024w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-BCP3-768x364.webp 768w, https:\/\/round-robin.eu\/blog\/wp-content\/uploads\/2026\/04\/sp500-BCP3-1536x727.webp 1536w\" sizes=\"auto, (max-width: 1884px) 100vw, 1884px\" \/><\/a><p id=\"caption-attachment-2110\" class=\"wp-caption-text\">chart: S&amp;P500 &#8211; BCP3<\/p><\/div>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The S&amp;P 500 swing has not peaked yet but will almost certainly do so next week.<\/p>\r\n<p>A further element in favour of a rally that has completed or that will struggle to confirm its momentum.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Our system enters Short. It does so on historical excesses, not on a price signal.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">From a pure technical analysis standpoint, a reversal pattern with a clear price signal is needed. <br \/>Should one materialise, the highest probability trade is selling Short out-of-the-money CALL options at 1-2 months.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\r\n<p>Bullish arguments are not lacking.<\/p>\r\n<p>The clean break of the previous all-time high and of a sideways range on the highs lasting from September 2025 to February 2026 is gold for trend followers and permabulls.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\r\n<p>A quantitative approach however signals that something the markets are hiding.<\/p>\r\n<p>Multiple indices, with different systems applied, without generating price signals have triggered short signals.<\/p>\r\n<p>The first was the <a href=\"https:\/\/round-robin.eu\/blog\/[SLUG-COTW-NIKKEI-W16]\">Nikkei 225<\/a>. Others will follow in this week&#8217;s Charts Flash.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">This typically occurs before major market moves, often in the direction of the systems.<\/p>\r\n<p>But when it doesn&#8217;t, it goes violently the other way.<\/p>\r\n<p>These are not normal situations. If wrong, it is wrong by a lot. There will be no room for noise.<\/p>\r\n\r\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Weekly appointment with the world&#8217;s most watched charts. Last week in Charts Flash we called the S&amp;P 500 the obvious pick for Chart of the Week, deferring to the Nikkei 225. Another week of higher highs and higher lows, a new all-time closing high. But in a context of compressed moves and a market that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[361],"tags":[948],"class_list":["post-2101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-sp500"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chart of the Week: S&amp;P500 index - RRTS Blog<\/title>\n<meta name=\"description\" content=\"S&amp;P 500: new all-time high but volatility at March 2000 levels. MA200W overextension back above 30%. The system enters short.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/round-robin.eu\/blog\/sp500-technical-analysis-weekly-chart-of-the-week-17-26\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart of the Week: S&amp;P500 index - RRTS Blog\" \/>\n<meta property=\"og:description\" content=\"S&amp;P 500: new all-time high but volatility at March 2000 levels. MA200W overextension back above 30%. 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