We last looked at Simon Property Group Inc. (SPG) on February 24, 2021 when it entered the first spot in the SIA S&P 100 Index Report after initially entering the favored zone in the report on Nov 9, 2020 at a price of $79.10. Since that time the shares have continued to trend upwards as its accumulation phase materialized further up until late May of this year. Current price sits at $133.41 representing a 68.6% increase since first entering the favored zone on Nov 9th, 2020. The shares currently sit in the #12 spot in the SIA S&P 100 Index Report.
Simon Property Group is the second largest real estate investment trust in the United States and its portfolio consists of 207 properties including traditional and premium outlet mall centers, lifestyle centers and other retail properties. In looking at the Candlestick chart, we see that the shares had gapped up on Nov 9th of last year as it entered the favored zone. Since that time, a steady uptrend ensued up until early June where a sideways consolidation pattern began to form. Today, the shares look to be testing some important resistance at approximately the $135.00 area. If price can break above this area, it will signal the end of the sideways pattern and another potential upleg may resume. Support for the shares can be found at the $118.00 level.
In the attached Point and Figure Chart at a 2% Scale, we see the share’s rally starting in November of 2020. In June of this year, the shares peaked at approximately the $136.00 area then pulled back to approximately the $118.00 price level last month. However, most recently a rising column of X’s has formed this month and the shares are currently challenging the old June high at $136.00.
If Simon Property Group can break above this quickly approaching $136.48 resistance level, the next level of resistance can be found at $156.77 and, above that, $166.37. Support for the shares is at the 3 box reversal at $123.62 and, below that, $114.20.
With an SMAX of 10, the shares are still exhibiting near term strength against all the asset classes.
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