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: YETI
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.
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.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq closed the week on a strong note, rallying sharply off price support and now set to face resistance at their respective 50-DMA (S&P 500: 3,351; Nasdaq: 11,025). Distribution remains elevated at seven and six days, respectively, with one day expiring on the Nasdaq next Wednesday.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq are both now trading slightly below their respective 50-DMA with six distribution days each. One distribution day will expire on the Nasdaq next Wednesday. The S&P 500 is trading ~7% off highs with the next level of support at ~3,233, while the Nasdaq is trading ~11% off highs with near-term support at ~10,700 before ~10,200. Both indices are being dragged lower by big cap tech as the majority of other leading ideas continue to base constructively.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq pulled back towards their respective 50-DMA this week, with the S&P 500 sitting just above that level and the Nasdaq just below. Distribution stands at five and six days, respectively, with one day set to expire on the S&P 500 and two on the Nasdaq next week.
US Focus
The U.S. market has been moved to an Uptrend Under Pressure. The Nasdaq reversed sharply off its upper channel line Thursday and broke below its 21-DMA Friday. Though the index did find strong support at its 50-DMA, we believe this sharp break lower will lead to choppy action over the next several days to weeks. The index did avoid distribution on Friday, though the count did increase to six this week. The S&P 500 also sold off sharply, but did manage to close at its 21- DMA Friday and avoid distribution as selling pressure was more severe across megacap tech leaders which pulled back into their respective bases. We will be looking for indices to hold support at their respective 50-DMA (S&P 500: 3,299; Nasdaq: 10,858) next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continued their push into higher highs this week, trending constructively above all major moving averages. We will be looking for sideways consolidation at the index level in the coming days as megacap Tech ideas consolidate sharp gains over the last two weeks. This should result in positive internal action as many growth ideas are building and breaking out from secondary entry points. Though indices have become extended from shorter-term moving averages, all leading technical indicators remain positive. We will become more concerned should distribution on the Nasdaq begin to cluster near highs. Currently, the count stands at one and five days, respectively, with no expiration next week.
