The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq staged downside
reversals Friday but continue to hold trend with a low number of distribution days. Near-term
support remains the rising 10- and 21-DMA. Distribution stands at three days on the S&P 500
and two on the Nasdaq, with one day expiring on each Tuesday.
Symbol: YETI
Market View
U.S. Market
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to trend constructively
into higher highs. Both indices found support off their respective 10-DMA on Friday, closing off session lows. The
distribution count remains low with two days expiring next week.
Leadership has begun to narrow from peak levels with growth ( SPYG ) outperforming value ( SPYV ) to start the
new year. Though all 11 sectors remain above their respective 50-DMA, Technology has extended gains while
Consumer Staple, Utility, and Basic Material have pulled back. 162 of 197 industry groups also remain above
their respective 50-DMA, however this is down from 178 groups last week. Leading industry groups over the
past week include Aerospace Defense ( NOC ), Software ( COUP ), Internet ( JD ), Data Storage ( MU ), Fiber Optics
( LITE ), Semiconductors ( AMD ), and Oil & Gas ( PSXP ). Lagging industry groups over the past week include Steel
( X ), Food ( GIS ), Personal Care ( CL ), Utilities ( ED ), Biotech ( INCY ), and Reits ( WELL )
Won Global View
The U.S. market remains in a Confirmed Uptrend.The S&P 500 and Nasdaq are consolidating year-end gains. Support is at the 10-DMA (S&P 500: 3,215; Nasdaq: 8,919) followed by the 21-DMA (S&P 500: 3,187; Nasdaq: 8,814). Distribution stands at four days on each index.
Market View
Strategy View
U.S. indices have corrected ~5% to this week’s lows. Median corrections for the past 120 years are 7–8%.
Revisiting style performance, small has begun to catchup a bit to large, and value has done similarly versus growth.
The relative comparison nearest a historical extreme is small growth versus large growth—which reached -13%
over a trailing one-year period recently.
Interestingly, even with this week’s volatility, small growth has improved slightly versus large growth since last week.
US Focus
The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq pierced their respective 50-DMAs on Thursday and Friday this week before staging back to back upside reversals. We are encouraged that each move lower has been met with support, however, we would still like to see a strong up day that occurs above the 50-DMA before turning more positive on the
general market.
WON Global View
The U.S. market has been moved to an Uptrend Under Pressure. The S&P 500 and Nasdaq closed below their respective 21-DMA, each picking up an additional distribution day. The total count has increased to three days on the S&P 500 and four on the Nasdaq. Though the overall count is not elevated, there have now been three distribution days in the last six sessions on the Nasdaq. We will be looking for both indices to hold support at their respective 50-DMA today (S&P 500: 2,857; Nasdaq: 7,822).
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continued to pull back yesterday, though both were able to find support at their respective 21-DMA (S&P 500: 2,904; Nasdaq: 7,996). Should this level break, we will be looking for each index to find support at their rising 50-DMA (S&P 500: 2,849; Nasdaq: 7,787). Both indices avoided distribution, with counts remaining at one day on
the S&P 500 and three on the Nasdaq.
US Focus
Th e U.S. market is in a Confirmed Uptrend. Th e S&P 500 and Nasdaq found support at
their respective 21-DMAs on Th ursday, before gapping up and closing at the highs of the
session Friday. Distribution remains low at one day on the S&P 500 and three on the Nasdaq.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq staged downside reversals, closing below near-term support at their respective 10-DMA. The Nasdaq added a second straight distribution day, though the overall count remains at three due to expiration. The S&P 500 now has just one distribution day. We will be looking for both indices to find support at their respective 21-DMA (S&P 500: 2,903; Nasdaq: 7,994) should the pullback persist.
US Focus
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to trend higher off their respective 10-DMAs with a low number of distribution days. Distribution now stands at two days each with another day expiring next Wednesday. Support below the 10-DMA remains the sharply rising 21-DMA (S&P 500: 2,891; Nasdaq: 7,955).
