The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 50-DMA for a second straight session but were again able to hold support and avoid distribution. Look for the indices to continue avoiding distribution and preferably stay above 50-DMA support should we see further consolidation.
Symbol: ALRM
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 50-DMA (S&P 500: 2,623 (-0.4%); Nasdaq: 6,973 (-0.7%)) yesterday, but both were able to find support, close off lows, and avoid distribution. There remains just one distribution day on the S&P 500 and zero on the Nasdaq. Given the sharp rise off December lows, consolidation around current levels can be expected. Look for the indices to continue avoiding distribution and preferably staying above 50-DMA support.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq both regained their respective 50-DMA last week. We will be looking for this level to act as support should the market pull back. The next level of major resistance is the 200-DMA (S&P 500: 2,741 (+2.6%); Nasdaq: 7,451 (+4%)). Action remains constructive with just one distribution day on the S&P 500 and zero on the Nasdaq.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 regained its 50-DMA, while the Nasdaq continues to hold above this level. Action remains constructive, with just one distribution day on the S&P 500 and zero on the Nasdaq.
WON Global View
The U.S. market is in a Confirmed Uptrend. The Nasdaq held above its 50-DMA (6,989) yesterday, while the S&P 500 is now testing that level (2,628). To remain constructive, we look for the major averages to avoid any major price break lower that changes the character of this move higher. Consolidating at current levels is likely, given the sharp move off the lows. Thus far, both indices continue to show constructive action, trading in tighter ranges with little to no distribution.
WON Global View
The U.S. market is in a Confirmed Uptrend. The Nasdaq closed above its 50-DMA (6,997) for the first time since October. We will now be looking for this level to act as support should the market pull back. The S&P 500 continues to make good progress since the January 4 follow-through day but remains 80bps below its 50-DMA (2,631). Overall, action remains constructive, with just one distribution day on the S&P 500.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to consolidate constructively below resistance along their respective 50-DMA (S&P 500: 2,633 (+1.9%); Nasdaq: 7,002 (+1.4%)). Though volume came in below average, the S&P 500 did pick up its first distribution day since the January 4 follow-through day. To stay constructive, the market needs to avoid any major price break that closes at the lows of the session in heavy volume. We believe tight sideways consolidation will set up the market for a move up and through its 50-DMA.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq have shown constructive action over the last two sessions, reversing off early session lows and avoiding distribution. Both are now testing resistance at their respective 50-DMA (S&P 500: 2,628 (+1.2%); Nasdaq: 6,988 (+0.3%)). Though this is an obvious level of resistance, we would still like to see the indices close above it and consolidate for several sessions. Should the market pullback, look for the indices to continue closing in the upper half of the intraday session and for new leadership ideas to emerge. Conversely, a big price move lower that closes at the lows of the session in heavy volume will be a major red flag.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq positively staged upside reversals yesterday, avoiding distribution and continuing a move toward their respective 50-DMA (S&P 500: 2,630 (+1.3%); Nasdaq: 6,992 (+0.05%)), which the Nasdaq is now touching. Though this is an obvious level of resistance, we would still like to see the indices close above this level and consolidate for several sessions, which should lead to a broadening of leadership.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq have continued to make progress since Friday’s follow-through day and are set to test resistance at their respective 50-DMAs (S&P 500: 2,631 (+1.8%); Nasdaq: 6,993 (+0.5%)). We will look for each to close above these levels, which should lead to additional breakouts in individual ideas.
