The U.S. market is in a Confirmed Uptrend. The Nasdaq staged a day five follow-through on Thursday, gaining 2.7% in
higher day/day volume. The index regained both its 10-DMA (11,687) and 21-DMA (11,925) which will now act as nearterm downside support. The rolling 50-DMA (12,920) is now the next level of logical resistance. The S&P 500 rallied in
lower volume, but also regained its 10-DMA (4,024) and 21-DMA (4,066), with the 50-DMA (4,277) now also the next level
of resistance.
Eight of 11 sectors gained 5% or more this week, led by Energy, Retail and Consumer Cyclical, which gained 7-8%.
Energy continues to push further into highs and is now trading ~30% above its 200-DMA which is the biggest extension
since June 2021. Technology gained ~6%, clearing above its 10- and 21-DMA with the 50-DMA now trading ~6% above
current levels. Energy and Utility are still the only sectors trading above both the 50- and 200-DMA. The best performing
industry groups this week included Consumer Electronics, Department Stores, Discount Retail, Specialty Retail, Lodging,
Oil & Gas, Solar, Semiconductors and Banks. The worst performing groups included TV Media, Biotech, Pharma,
Outpatient Care, Generic Drugs, Agriculture, Mining, Staffing, Water Utilities, and Internet.