The U.S. market is in a Confirmed Uptrend.The S&P 500 and Nasdaq remain constructive, adding small gains yesterday after last week’s big rebound. Distribution stands at five and four days on the S&P 500 and Nasdaq, respectively, with one day expiring on the S&P 500 at this Thursday’s close.
Symbol: CREE
WON Global View
The U.S. market has been moved back to a Confirmed Uptrend. The S&P 500 and Nasdaq cleared above a longer-term range of resistance on Friday. The next level of resistance is ~2,864 on the S&P 500 and ~7,873 on the Nasdaq, where both indices originally broke below their respective 50-DMA last October. Distribution stands at five days on the S&P 500 and four on the Nasdaq, with one additional day expiring on the S&P 500 at the close Thursday.
WON Global View
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq traded relatively flat yesterday, still sitting within a longer-term range of resistance. We will be looking for the S&P 500 to close above 2,815 (November 2018 high) and for the Nasdaq to clear above 7,670 (October 2018 high) before moving back to a Confirmed Uptrend. Distribution declined to five days on the S&P 500 and four on the Nasdaq, with one additional day expiring on the S&P 500 at the close next Thursday.
WON Global View
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq gapped up for a third straight session and are now trading within a range of resistance dating back to October 2018. The S&P 500 briefly cleared above the 2,800 to 2,815 (November 2018 high) level before closing mid-range on the session, while the Nasdaq cleared above 7,670 (October 2018 high) before also closing mid-range on the session.
WON Global View
The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq are consolidating below the March 4 intraday high (S&P 500: 2,816; Nasdaq: 7,643) with six and five distribution days, respectively. One distribution day expires on each index at the close Thursday.
WON Global View
The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq bounced back +1.5% and 2%, respectively, regaining their 200-DMAs, after last week’s heavy sell-off. Large cap technology primarily led the move higher. We would like to see price action hold and consolidate above the 200-DMA for a few sessions before moving the market back to a Confirmed Uptrend.
WON Global View
The U.S. market is in a Confirmed Uptrend.The S&P 500 and Nasdaq pulled back for a third straight session yesterday and now look poised to test their respective 200-DMA (S&P 500: 2,750; Nasdaq: 7,479). Both indices picked up their third distribution day in the last five sessions.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat yesterday, continuing to hold support along their respective 200-DMA. Distribution remains at four days on the S&P 500 and three on the Nasdaq, with one day expiring on each next week.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and the Nasdaq staged downside reversals yesterday, adding a fourth and third distribution day, respectively. Both indices must continue holding support along their respective 200-DMA to remain constructive. We will move the market status to an Uptrend Under Pressure should that level break.
WON Global View
The U.S. market is in a Confirmed Uptrend.The S&P 500 and the Nasdaq continue to trade constructively above their 200-DMA support, with three and two distribution days, respectively.
