The U.S. market is in a Confirmed Uptrend. The S&P 500 regained its 50-DMA, while the Nasdaq continues to hold above this level. Action remains constructive, with just one distribution day on the S&P 500 and zero on the Nasdaq.
Symbol: YETI
WON Global View
The U.S. market is in a Confirmed Uptrend. The Nasdaq held above its 50-DMA (6,989) yesterday, while the S&P 500 is now testing that level (2,628). To remain constructive, we look for the major averages to avoid any major price break lower that changes the character of this move higher. Consolidating at current levels is likely, given the sharp move off the lows. Thus far, both indices continue to show constructive action, trading in tighter ranges with little to no distribution.
WON Global View
The U.S. market is in a Confirmed Uptrend. The Nasdaq closed above its 50-DMA (6,997) for the first time since October. We will now be looking for this level to act as support should the market pull back. The S&P 500 continues to make good progress since the January 4 follow-through day but remains 80bps below its 50-DMA (2,631). Overall, action remains constructive, with just one distribution day on the S&P 500.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to consolidate constructively below resistance along their respective 50-DMA (S&P 500: 2,633 (+1.9%); Nasdaq: 7,002 (+1.4%)). Though volume came in below average, the S&P 500 did pick up its first distribution day since the January 4 follow-through day. To stay constructive, the market needs to avoid any major price break that closes at the lows of the session in heavy volume. We believe tight sideways consolidation will set up the market for a move up and through its 50-DMA.
