Tag: Confirmed Uptrend

O’Neil Market View

Posted on by Raj Gupta

U.S. Market

 

The U.S. market remains in a Confirmed Uptrend. This week, the S&P 500 gained ~5%, while the Nasdaq was up ~7%, both retaking resistance at 100-DMA and 200-DMA. Support is at their 200-DMA (5,760/18,359) with only one distribution day on the S&P 500.

 

To close the week, all sectors except for Health Care are back above their 50-DMA. Over the last five sessions, Consumer Cyclical, Technology, and Transportation rose over 7% apiece, Energy, Capital Equipment, Financial, and Retail rose 3-5%. Consumer Staple, Utility, Health Care, and Basic Material lagged but still managed gains

O’Neil Market View

Posted on by Raj Gupta

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are consolidating above 50-DMA support ( 5,556, 17,378) with only one distribution day on the S&P 500. Both indices are trading 1–2% below the next level of resistance at their 200-DMA (5,748, 18,315).

 

Over the trailing five sessions, Consumer Cyclical (+1.7%) outperformed followed by Energy and Basic Material rising 1% while most other sectors were relatively flat. Health Care (-4.4%) underperformed significantly followed by Consumer Staples falling 1%

O’Neil Market View

Posted on by Raj Gupta

U.S. Market

 

The U.S. market is in a Confirmed Uptrend. On Tuesday April 22, the S&P 500 and the Nasdaq staged follow-through days (FTDs) on the 11th day off April 9 lows. We shifted indices back into a Confirmed Uptrend for the first time since February 27. Indices rose 4.6% and 6.7%, respectively, for the week. Each also managed to close above their 21-DMA (5,415; 16,855), which will now act as immediate support. Indices are attempting to retake March lows and then may face resistance near their declining 50-DMA (5,636; 17,734)

Market View

Posted on by Raj Gupta

The U.S. market was shifted back to a Confirmed Uptrend from an Uptrend Under Pressure. The S&P 500 was up 1.7% this week and made a new all-time high before closing just below December 2024 highs. The Nasdaq also rose 1.7% and closed about 1% off December 2024 all-time highs. Support for both indices is at the rising 21-DMA, 2% below current levels. The distribution day count remains at six on each index, after one expired on each on Friday (January 24, 2025) after market close, but each also picked up a new one on Friday.

Market View

Posted on by Raj Gupta

The U.S. market remains in a Confirmed Uptrend. Price action was mixed across indices for the week, as the S&P 500 pulled back 65 bps while the Nasdaq rose 30 bps. Support for both indices is at the rising 10-and 21-DMA (6,012,19,455). The distribution day count stands at three on the S&P 500 and Nasdaq with one day expiring on each next week.

 

Over the last five sessions, Consumer Cyclical rose 1.1% while nine other sectors declined led lower by Basic Material (-3%) followed by four sectors – Health Care, Capital Equipment, Utility, and Energy – falling 2% or more.

Market View

Posted on by Raj Gupta

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gained 1.0% and 3.3%, respectively, this week, and are at all-time highs. Support is at their rising 10-DMA (6,036; 19,368) and then their 21-DMA (5,985, 19,200). The distribution day count is at three and one, respectively, after two expired on the S&P 500 during the week.

Market View

Posted on by Raj Gupta

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gained ~1% for the week after holding above support at their rising 10-and-21 DMA (5,932, 18,922). The distribution day count remains at five and one, respectively, however two days expire on the S&P 500 during the middle of next week.

Market View

Posted on by Raj Gupta

The U.S. market remains in a Confirmed Uptrend. This week, the S&P 500 and the Nasdaq closed about 1.7% higher. Indices have immediate support at their 21-DMA (5,895/18,825), ~1% below current levels. Next support is at their rising 50-DMA (5,810/18,428), ~2–3% below current levels. The distribution day count remains at six and one, respectively, with one set to expire on the S&P 500 in the coming week.

Market View

Posted on by Raj Gupta

The U.S. market remains in a Confirmed Uptrend. Indices pulled back after last week’s strong election gains. The S&P 500 declined ~2% and is testing 21-DMA (5,871) support, while the Nasdaq fell ~3% and closed below its 21-DMA (18,748). The next level of support is at the rising 50-DMA (5,772, 18,264), which is ~2% lower. The distribution day count stands at six and two, respectively. with one day expiring on each index after the close on Monday.

Market View

Posted on by Raj Gupta

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and the Nasdaq advanced to all-time highs, gaining
4.7% and 5.7% bps, respectively, for the week. The S&P 500 made new highs for the first week in four, while the Nasdaq
closed above its July peak for the first time. Support is at their 10-DMA (5,830/18,638). The distribution day count stands
at five and one, respectively, as one expired on each index on Friday.