Are we almost at bottom on S&P 500?

The S&P 500 Index (500 of America's most influential and largest companies) $SPX fell 2.33% to 1482.66. Are we near the bottom?

Based on the $SPXA200R and $SPXA50R indicators, we are nearing the bottom.

The $SPXA50R refers to the ratio of stocks in the S&P 500 that are above the 50 day moving average. We use this indicator as a contrarian indicator. When the $SPXA50R goes around the 20% area (meaning 20% of stocks in the S&P 500 are above the 50 day moving average), we are near or at the bottom. Right now, the $SPXA50R are almost at 20%.

The $SPXA200R refers to the ratio of stocks in the S&P 500 that are above the 200 day moving average. Again, we use this indicator as a contrarian indicator. When the $SPXA200R goes below 50, and around the 45% area, we are near or at the bottom. Right now, the $SPXA200R is slightly above 50%. A little bit more, and we should be at the bottom.

Check on Today's Status/Chart

To update yourself on the $SPXA50R and $SPXA200R, use this chart.

Current Support Levels

To help put the $SPXA50R and $SPXA200R indicators in perspective, take a look at the current support and resistance in the S&P 500.