The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq broke below their respective 50-
DMA, staging multiple downside reversals to eventually close near the lows of the week. The S&P 500 is nar-
rowly holding above 100-DMA (4,491) support before price support at ~4,430. The Nasdaq is now 7% off
highs and sitting on its 100-DMA (15,082). The next level of price support is ~14,755 before the rising 200-
DMA (14,411). The distribution day count stands at three each with no expiration next week.