Symbol: LECO

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq staged sharp downside reversals, declining 64bps and 55bps, respectively. The S&P 500 is at its 10-DMA (4,534), near price support at ~4,500, and the Nasdaq continues to consolidate along its 10-DMA. Key moving average support for both indices is ~1% lower at the 21-DMA (4,486/13,950). The distribution day count increased to five and four, respectively, with one day expiring on each index after today’s close.