The U.S. market remains in a Rally Attempt. The Nasdaq rose 1.6% for the week, slightly retaking its 21-DMA (13,399) after having
held onto lows for the past eight days. It is about 1.6% below next resistance at the 50-DMA (13,655). The S&P 500 rose 1.2% and
bounced off support near the 200-DMA (4,208) but remains slightly below the 21-DMA (4,341) and 2.6% below the 50-DMA (4,425).
Both indices could see a follow-through day (FTD) on any day going forward if the recent lows are not undercut (S&P 500: 4,216;
Nasdaq: 12,963)
Symbol: YETI
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October 5, 2023 – Weekly Best Ideas (AROC)
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Won Global View
The U.S. market remains in a Rally Attempt. The S&P 500 and Nasdaq declined ~140–190bps yesterday, with lower volume on the
former and higher on the latter. The S&P 500 undercut its September lows, while the Nasdaq is still trading above those levels. The market
status will remain in a Rally Attempt until the Nasdaq holds above its September lows (12,963). Immediate resistance for both indices is at
the declining 10-DMA (4,309/13,266), while support is at the 200-DMA (4,201/12,544).
O’Neil Consumer/Retail Weekly
Consumer Staples (XLP): The index continues to trade below its key moving averages and looks extended on the downside. It is
trading ~7% below its 200-DMA. Next major support is at $66.17 (3.2% below). RS line is trending downward with the worst possible
A/D Rating of E.
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September 7, 2023 – Weekly Best Ideas (BSX, ALGN, LULU)
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.
