The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq broke below their respective
50-DMA, staging multiple downside reversals to eventually close near the lows of the week. The S&P 500 is
narrowly holding above 100-DMA (4,491) support before price support at ~4,430. The Nasdaq is now 7%
off highs and sitting on its 100-DMA (15,082). The next level of price support is ~14,755 before the rising
200-DMA (14,411). The distribution day count increased to four and three, respectively, with no expiration
next week.
Tag: Confirmed Uptrend
European Focus
On Thursday, the Stoxx 600 ended 0.48% above last Friday’s close.
Of the 17 indices we cover, one is in a Confirmed Uptrend, five in
a Rally Attempt, nine in an Uptrend Under Pressure, and two in a
Downtrend. The Stoxx 600 was downgraded to an Uptrend Under
Pressure after it breached its 50-DMA on high volume. The U.K.’s
FTSE was downgraded to an Uptrend Under Pressure after it breached
below its 50-DMA and found support at its 200-DMA. France’s CAC
was also downgraded to an Uptrend Under Pressure after it breached its
50-DMA and found support at its 100-DMA. Finland, Ireland, Sweden,
and Luxembourg were upgraded to a Rally Attempt. Belgium was
downgraded to a Downtrend after the index breached all its key moving
averages. Denmark was downgraded to an Uptrend Under Pressure after
the index breached its 50-DMA.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back sharply this week, with both closing below their respective 21-DMA. The next level of support is September highs at 4,545 and 15,403, respectively, which may also coincide with the rising 50-DMA. The distribution day count remains low at three and one, respectively, with one day expiring on the S&P 500 next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back
sharply this week, with both closing below their respective 21-DMA. The next level of support
is September highs at 4,545 and 15,403, respectively, which may also coincide with the rising
50-DMA. The distribution day count remains low at three and one, respectively, with one day
expiring on the S&P 500 next week.
European Focus
On Thursday, the Stoxx 600 ended 0.90% below last Friday’s close. Of
the 17 indices we cover, eight are in a Confirmed Uptrend, one in a Rally
Attempt, six in an Uptrend Under Pressure, and two in a downtrend. We
downgraded Belgium to an Uptrend Under Pressure after it breached its
50-DMA, and Ireland and Spain to a Downtrend after they breached all
key moving averages.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are trading at or near all-time
highs and above 10- and 21-DMA support. The distribution day count remains low at three and one, respec-
tively, with one day expiring on the Nasdaq next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are trading at or
near all-time highs and above 10- and 21-DMA support. The distribution day count remains low
at three and one, respectively, with one day expiring on the Nasdaq next week.
European Focus
On Thursday, the Stoxx 600 ended 0.20% above last Friday’s close.
Of the 17 indices we cover, 11 are in a Confirmed Uptrend, one in a
Rally Attempt, and five in an Uptrend Under Pressure. We downgraded
Luxembourg to an Uptrend Under Pressure as it breached its 50-DMA.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq found support near their respective
10-DMA, eventually closing ~1% off all-time highs for the week. Support below this level remains the rising 21-
DMA (S&P 500: 4,603; Nasdaq: 15,515). The distribution day count remains low at three and one, respectively.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq found support near their respective 10-DMA, eventually closing ~1% off all-time highs for the week. Support below this level remains the rising 21-DMA (S&P 500: 4,603; Nasdaq: 15,515). The distribution day count remains low at three and one, respectively.
