Key points from this report:
US Focus
Join our analysts for our Weekly Best Ideas webinar, where they discuss the current outlook for global markets from an O’Neil perspective and delve into the best actionable stock ideas of the week.
US Focus
The U.S. market remains in a Downtrend. The S&P 500 and Nasdaq declined 2.5% and 2.6%, respectively, for the week. Both breached early-October lows, which had held for the prior three weeks. The S&P 500 faces resistance at the 200-DMA and has support near ~4,050 level (-1%), or the lows of the April/May consolidation. The Nasdaq breached its 200-DMA for the first time since March and now has immediate support at ~12,270 level (-3%). The Nasdaq could generate a follow-through day as early as Wednesday if the 12,544 low from this week holds.
The U.S. market remains in a Downtrend. The S&P 500 and Nasdaq declined 140–240bps yesterday on lower volume. The indices
closed below recent lows, ending the rally attempt on both. The earliest we can get a follow-through day on either index is next week. The
S&P 500 faces resistance at the 200-DMA and is now trading below ~4,200, a key level it broke above in June. We see support for the
index near ~4,100 level (-2%). The Nasdaq closed below the key price level of 13,000 and is trading just above its 200-DMA support, with
next support near ~12,270 level (-4%).
The U.S. market remains in a Downtrend. The S&P 500 and Nasdaq were up 70–90bps yesterday. The indices face resistance at the
declining short-term moving averages, followed by the 50-DMA (4,376/13,511), ~3% above current levels. Look for price support for the
S&P 500 near 4,190 levels and for the Nasdaq at the 200-DMA (12,758). The earliest a follow-through day can occur is Thursday.
US Focus
US Focus
US Focus
