Market View

The U.S. market is in a Rally Attempt. We will upgrade the market to Confirmed Uptrend should either the S&P
500 close above 3,950 or the Nasdaq stage a follow-through day. Support on the S&P 500 is again the rising
10- and 21-DMA (3,873). The Nasdaq faces resistance at its 50-DMA (13,368), with support at ~13,000 before

the rising 100-DMA (~12,700). Though the Nasdaq is still trading 6% off highs, multiple other indices are trad-
ing at all-time highs including the Dow and the Russell 2000.

Market View

The U.S. market has been downgraded to a Downtrend. The S&P 500 added four distribution days over five ses-
sions, resulting in its first break of the 50-DMA since November. Despite a snapback rally on Friday, the index

now faces multiple layers of resistance including its rolling 21-DMA (3,855). Near-term support is now ~3,700,
which may coincide with the rising 100-DMA. The support range below the 100-DMA is 3,500–3,600, the top of
the prior Q4 consolidation, which may coincide with the rising 200-DMA. The Nasdaq also broke its 50-DMA
this week in rising distribution. This index added back-to-back distribution days on Wednesday and Thursday,
resulting in a 10% decline off highs to near-term support at its 100-DMA (~12,600). Should this level break,
the next level is ~12,000, which may coincide with the rising 200-DMA.

Market View

he U.S. market remains is in an Uptrend Under Pressure. The S&P 500 and Nasdaq pulled back to their respective 50-DMA in volatile action this week. Support below this major moving average is ~3,700 on the S&P 500, which is near the January 29 low and the rising 100-DMA. Support below the 50-DMA for the Nasdaq is between 12,900 and 13,000, an area that held twice in January. The distribution day count stands at five each with two expiring on the S&P 500 and one on the Nasdaq next week.

Market View

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back slightly this week but

held above support at the 10-DMA (S&P 500: 3,905) and 21-DMA (Nasdaq:13,720), respectively. The distribu-
tion day count stands at four and three days, respectively, with one day expiring on the S&P 500 next week.