The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq remain resilient and are
holding above their respective 10-DMAs despite Monday’s downside reversal. The S&P500 is less
than 1% below resistance at 3,233 and remains in a 6-week consolidation. Distribution count has
declined this week and currently stands at four and two days respectively.
Symbol: YETI
US Focus
The U.S. market is in a Confirmed Uptrend. The S&P 500 held support along its 21-DMA this
week before rallying and closing right at resistance along its downward trending channel line. The
next level of resistance is 3,233. The Nasdaq continues to constructively trend within a channel
which is rising into 11,000. Near-term support for both indices remains the 10- and 21-DMA.
Distribution now stands at five and two days, respectively, with two days expiring on the S&P 500
and one on the Nasdaq next week
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq held 50- and 21-DMA support respectively this week. The Nasdaq moved back into all-time highs, but on Friday reversed to close at the lows of the session and below last week’s intraday high. The S&P 500 remains the lagging index and still needs to convincingly clear above resistance between 3,155 and 3,233. With that said, the 50- and 200-DMA have converged just above 3000, which should offer a strong level of support on any pullback. Distribution went unchanged this week, holding at six and three days respectively, with one day expiring on each next week.
US Focus
The U.S. market shifted back to Uptrend Under Pressure. Though we did have to briefly move back to Confirmed Uptrend intraweek as the Nasdaq made a new high, our overall recommendation never changed given severe sector divergence. After briefly making a new high on Tuesday, the Nasdaq quickly retraced that move to close below its 21-DMA for the first time since April. The S&P 500, which never fully resolved the June 11 sell-off, closed back below its 200-DMA on Friday. Both indices added a distribution day, taking the count up to six and three days, respectively, with no expiration next week. We will now be looking for both indices to
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq held support this week, rallying off their respective 50- and 21-DMA, respectively. Both, however, are still trading within the range of last Thursday’s severe decline and have yet to convincingly take out that level. Distribution held steady until Friday’s triple witching tacked on a fifth day for the S&P 500. The overall count now stands at five and two days, respectively, with one day expiring on the S&P 500 next week.
US Focus
The U.S. market has been moved to an Uptrend Under Pressure. The S&P 500 and Nasdaq gapped down on Thursday, closing at the lows of the day and down more than 5% each in heavy volume. The S&P 500 distribution day count increased to five days in the last five weeks, with three in six sessions. The Nasdaq count remains relatively low at three days. The S&P 500 is testing support at ~3,000, while the Nasdaq is trading at its 21-DMA. The next logical level of support should these levels break is the sharply rising 50-DMA (S&P 500: 2,903; Nasdaq: 8,921).
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gapped higher on Friday, closing up 4.9% and 3.4%, respectively for the week. The S&P 500 now faces resistance at ~3,214, while the Nasdaq is testing new highs at 9,838. Distribution remains a non-factor at three days and one day, respectively.
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Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq climbed slightly higher on average volume with support at the 200- and 10-DMA, respectively. The Nasdaq is less than 3% off all-time highs while resistance on the S&P 500 is at 3,136 (+3%). The distribution day count stands at four and two days, respectively, with one day expiring on each after the close.
US Focus
The U.S. market remains in a Downtrend. The S&P 500 and Nasdaq rallied strongly Friday, holding above Thursday’s low (S&P 500: 2,478; Nasdaq: 7,194) to close the week. We are now looking for this low to hold through Tuesday before a potential follow-through day as early as Wednesday (day four). There is no clear level of support above December 2018 lows of 2,346 (-13.5%), should Thursday’s lows be undercut.
