The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq broke below their respective 50-DMA this week and are now testing support near September lows, followed by the rising 200-DMA (S&P 500: 3,129; Nasdaq: 9,833). We will likely downgrade the market to Downtrend for the first time since the April 2nd follow-through day, should either index close below September lows (S&P 500: 3,209; Nasdaq: 10,519). Should that occur, we will be looking for another follow-through day before advising an increase in risk.
Symbol: PKI
Won Global View
The U.S. market has been moved to an Uptrend Under Pressure. The S&P 500 and Nasdaq gapped down more than 3% through their respective 100- and 50-DMA. The next level of price support is ~3,200 on the S&P 500, while the Nasdaq is sitting on ~11K, followed by support at its 100-DMA (10,870). The distribution day count increased to seven and four days on the S&P 500 and Nasdaq, respectively.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 declined 30bps yesterday in lower volume, remaining slightly below its 50-DMA (3,409). The Nasdaq gained 64bps also in lower volume, holding above its 50-DMA (11,318). The distribution day count fell back to six and three days, respectively, with no further expiration until the end of next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq held above their respective 50-DMA (S&P 500: 3,408; Nasdaq: 11,305) following a low volume pullback to that level this week. That moving average remains near-term support, while resistance remains 3,550 on the S&P 500 and 11,965 on the Nasdaq. The distribution day count stands at six and three, respectively, with one day expiring on each next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. Indices are consolidating strong gains off their respective 50-DMAs in prior weeks. Support is at the rising 10-DMA(S&P 500: 3,459, Nasdaq: 11,580). Distribution day count is seven and four on the S&P 500 and Nasdaq, respectively, with two days expiring on each index next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are building the right side of consolidation after breaking above short-term resistance (S&P 500: 3,430, Nasdaq: 11,400). Distribution day count remains elevated at seven and five, however, two days will expire on the S&P 500 and one on the Nasdaq next week.
Oct 08, 2020 – Weekly Best Ideas (DDOG, CWEN, BYND)
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O’Neil Health Care Weekly
Health Care gained 1.1% last week. The sector is down 1.5% over the last month and is the third worst
performing sector over the last two months (Financial and Energy).
US Focus
The U.S. market has shifted back to Confirmed Uptrend. The status change was made after Thursday’s close as both indices regained their respective 50-DMA, a multitude of quality growth ideas turned actionable, and distribution was avoided for seven straight sessions ahead of a period where multiple days will begin to expire. On Friday, indices pulled back to their respective 50- DMA, though little damage was done to leading stocks given sizable gains earlier in the week. Four distribution days will expire on the S&P 500 and two on the Nasdaq over the next eight sessions.
Won Global View
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 regained its 50-DMA, while the Nasdaq pressed higher and is now testing resistance at ~11,300. The distribution day count remains elevated at seven and six days, respectively, with one day expiring on the Nasdaq today. Two days will expire on the S&P 500 and one on the Nasdaq next week.
