The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 21-DMA to close the week, with the Nasdaq closing just under that level of nearterm support. Should weakness persist, the next level of support on both indices is the rising 50- DMA which may coincide with the prior breakout highs. The distribution day count increased this week to five each, however, two are expiring on the S&P 500 and three on the Nasdaq next week.
Symbol: LECO
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq remain at all-time highs, continuing to hold trend above all major moving averages despite relatively flat trade on the week. Near-term support remains the 10- and 21-DMA. The upper channel line on the S&P 500 is now rising towards 4,500. The distribution day count stands at four and three, respectively, with no expiration next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied sharply for a second straight week, pushing further into all-time highs. Both indices have begun a new trend higher after breaking out last week. The S&P 500 is trading ~1.5% below its upper channel line which is now rising above 4,400. We continue to view near-term support along the rising 10- and 21-DMA for both indices. The distribution day count remains low at two and four, respectively, with one day expiring on the Nasdaq next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 shook out briefly below its 50-DMA last week only to push right back into new all-time highs this week. The Nasdaq, which has been leading over the last few weeks, broke out from a 19-week consolidation into new alltime highs. We continue to view the rising 21-DMA to be a key level of near-term support. The distribution day count has declined to a reasonable three and four days, respectively, with one additional day set to expire on the S&P 500 next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 pulled back to close slightly below its 50-DMA as market breadth narrowed, while the Nasdaq traded relatively flat for the week, holding just below all-time high resistance of 14,211. Price support below the 50-DMA on the S&P 500 is 4,056, which may coincide with a rising 100-DMA. The distribution day count stands at six and five, respectively, with three expiring on the S&P 500 and one on the Nasdaq next week.
US Focus
The U.S. market has shifted back to Confirmed Uptrend. The S&P 500 is again trading at all-time highs, while the Nasdaq is trading within 1% of all-time resistance at 14,211. Near-term support remains the rising 21- and 50-DMA, respectively. The distribution day count stands at six and three, respectively, with two expiring on the S&P 500 and one on the Nasdaq next week. Each index has only added one distribution day in the last three weeks
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq traded at the low end of a relatively tight range this week before pushing back to the upper end of that range Friday. We will shift the market back to Confirmed Uptrend should the S&P 500 clear back above all-time high resistance at 4,238 next week. Near-term support remains the 21- and 50-DMA, respectively. The distribution day count stands at seven and four, respectively, with one day expiring on each next week.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq have regained their 21- DMA (4,168) and 50-DMA (13,611) respectively and continue to consolidate in a constructive fashion above support. The distribution day count stands at eight and four respectively with one day expiring one each index next week.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 is testing resistance at its 21-DMA (4,166) after a sharp pull back to and subsequent bounce off support at its rising 50DMA. The Nasdaq is testing resistance at its 50DMA (13,578) after a rally across oversold growth constituents. The distribution day count remains elevated at nine and five however next week two days will expire on the S&P 500 and one on the Nasdaq.
O’Neil Capital Equipment Sector Weekly
The Commercial Svcs-Document Management industry group has been one of the best performing industry groups in the capital equipment segment this year. This has gained over 40% year-to-date and has an impressive Group Rank of 14. The industry group has good technical ratings, RS Rating of 93 and A/D Rating of B-, and is showing signs of improvement after underperforming the market for the past few years. The leading stock in this industry group is Iron Mountain (IRM), which is extended after breaking out from a stage-one eight-week cup-with-handle base. It has a good set of O’Neil Ratings and Rankings, and we expect EPS Rank of 56 to improve based on current estimates. Pitney Bowes Inc (PBI) is testing resistance along its 50-DMA after finding support along its 200-DMA and has been under distribution in the past few week.
