Symbol: LECO
Won Global View
The U.S. market remains in a Confirmed Uptrend. Indices are consolidating in a wide range after last week’s follow-through day. The
S&P 500 is 3% below resistance at its declining 50-DMA (4,614) but 1% above support at its 200-DMA (4,445). The Nasdaq pulled back
on slightly higher volume and picked up a distribution day in the process. Overall the Nasdaq remains 5% below its 200-DMA (14,735) but
still trading above the January 31st follow-through day low (13,767).
US Focus
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq staged a day six followthrough on Monday, jumping 1.9% and 3.4%, respectively, in higher day/day volume. Despite a volatile week, each index closed above Monday’s lows (S&P 500: 4,414; Nasdaq: 13,767) with no distribution, keeping the follow-through day intact. The S&P 500 now faces resistance at its declining 50-DMA (4,619), while the Nasdaq is still trading 13% off highs and below 200-DMA resistance (14,735).
US Focus
The U.S. market remains in a Rally Attempt. Despite Friday’s strong rally, day over day volume was lower negating a potential follow-through. Monday will mark day six of the attempted rally. We will upgrade the market status to Confirmed Uptrend should a follow-through day occur or shift back to Downtrend should Monday’s lows undercut. The S&P 500 is now sitting just under 200-DMA (4,435) resistance as the 10- 21- and 50-DMA are all now turning lower. Near-term support remains Monday’s low of 4,222. The Nasdaq is still trading 15% off highs with near-term resistance at the rolling 10-DMA (13,949) and support at 13,094.
US Focus
The U.S. market was downgraded to Downtrend. The S&P 500 closed below its 200-DMA with the next level of support at 4,278. The Nasdaq is now trading ~15% off highs and ~6% below its 200-DMA with the next level of support at 13,000. With the market in a Downtrend, we are now looking for indices to establish and hold a new low for a minimum of three sessions, at which point we will shift the market status to a Rally Attempt. From that point forward (day four and beyond), we will be looking for a follow-through day before advising a gradual increase in risk.
US Focus
The U.S. market is in an Uptrend Under Pressure. The S&P 500 is testing support along its 100- DMA (4,575) for the third time since early December. The index is trading 3% off highs and below price resistance at 4,748 before all-time highs. The Nasdaq tested 200-DMA (14,726) support twice this week, narrowly closing above that level Friday. This index is trading 8% off highs and below multiple layers of resistance including the 100-DMA at 15,277. The 50-DMA has also begun to turn lower. The distribution day count stands at seven and three, respectively, with multiple days set to expire on both indices next week.
US Focus
The U.S. market is back in a Confirmed Uptrend. Indices were under selling pressure to start the new year however the S&P 500 found support slightly above its 50-DMA (4,674). The Nasdaq broke below its 50-and-100-DMAs after declining ~4% for the week and is testing December lows (14,860) followed by its rising 200-DMA (14,681). The distribution day count is at seven and three respectively with no days set to expire next week.
US Focus
The U.S. market is back in a Confirmed Uptrend. The S&P 500 rallied back to all-time highs on 12/27/2021, and while it failed to make further progress, it remains above the prior high of 4,743. Below that support is the rising 21-DMA (4,703). The Nasdaq held a recent retake of the 50-DMA, it is facing resistance at the midpoint of its 9-week consolidation (~15,800) and is about 3% below alltime highs. Indices finished the year with 27% and 21% gains, respectively. The S&P 500 picked two consecutive distribution days to end the week and now has seven. The Nasdaq lost one this week and has four. One expires on each index early next week.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 has rallied back to test new
high resistance at 4,743, a level the index reversed from early last week. The Nasdaq regained its 50-
DMA after falling back below that level last week. Though the S&P 500 is on the verge of breaking
out, both indices are still technically trading within consolidation with no real trend yet to develop.
Distribution was avoided this week with the count now at five each with one day expiring on the
S&P 500 next week. We will shift the market status
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 pulled back to 50-DMA support after testing all-time highs earlier in the week. The Nasdaq pulled back to its 100-DMA for the second time this month, unable to sustain follow-through day type action Wednesday. Both continue to chop within consolidation with no real trend yet to develop. The S&P 500 has added four distribution days in the past five sessions, clustering near all-time highs. The count now stands at six and five, respectively, with one day expiring on the S&P 500 next week.
