After spending the first half of the year sliding down the rankings in the SIA S&P 100 Index Report, shopping mall REIT Simon Property Group (SPG) bottomed out over the summer. In the last month, its relative strength recovery has accelerated and SPG has shot up the rankings driving up out of the red zone, quickly through the yellow zone and back up into the Green Favored Zone for the first time since March. Yesterday, Simon finished in 24th position, up 11 places on the day and up 40 spots in the last month.
Since bottoming out in late September near $85.00, Simon Property Group (SPG) shares have been under renewed accumulation. Snapping a downtrend line last month was an encouraging start but gains have accelerated in the last few days since SPG regained the $100.00 level and its 50-day moving average. Currently, the shares are testing their August rebound high near $114.00.
A breakout would confirm the start of a new uptrend with next potential resistance in the $120.00-$135.00 zone where the shares traded last winter. A failure would suggest continued resistance with initial support possible near $110.00 then $106.00.
Last month, a down trend in Simon Property Group (SPG) shares which had started in the fall of 2021 bottomed out when the selloff was contained by a 45-degree support line near $86.00. since then the shares have been on the rebound, clawing back most of their previous downleg and triggering a bullish Low Pole Warning.
Currently the shares are approaching $115.65 where a breakout would complete a bullish pending double top and confirm the start of a new uptrend. Should that occur, previous column highs suggest next potential resistance may appear near $127.70 or $135.50. Initial support has moved up toward $104.75 based on a 3-box reversal.
With a bullish SMAX score of 7, SPG is exhibiting strength against the asset classes.
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