The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 21-
DMA to close the week, with the Nasdaq closing just under that level of near-term support. Should weakness
persist, the next level of support on both indices is the rising 50-DMA, which may coincide with the prior
breakout highs. The distribution day count increased this week to five each, however, two are expiring on the
S&P 500 and three on the Nasdaq next week.
Tag: Confirmed Uptrend
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 21-DMA to close the week, with the Nasdaq closing just under that level of nearterm support. Should weakness persist, the next level of support on both indices is the rising 50- DMA which may coincide with the prior breakout highs. The distribution day count increased this week to five each, however, two are expiring on the S&P 500 and three on the Nasdaq next week.
European Focus
On Thursday, the Stoxx 600 closed 0.32% below last Friday’s close. We made no changes to the market status this week, but upgraded Sweden to a Confirmed Uptrend and downgraded Italy, Germany, and France to an Uptrend Under Pressure last week. The average distribution day count is elevated at 6.53. Out of the 17 indices we cover, eight including the Stoxx 600 are in a Confirmed Uptrend, while the remaining nine are in an Uptrend Under Pressure.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq remain at all-time highs, continuing to hold trend above all major moving averages despite relatively flat trade on the week. Near-term support remains the 10- and 21-DMA. The upper channel line on the S&P 500 is now rising towards 4,500. The distribution day count stands at four and three, respectively, with no expiration next week.
European Focus
On Thursday, the Stoxx 600 ended 1.14% below last Friday’s close. Of the 17 indices we cover, seven are in a Confirmed Uptrend and 10 in an Uptrend Under Pressure. This week, we downgraded Italy and France to an Uptrend Under Pressure after they breached their 50-DMA.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied sharply for a second
straight week, pushing further into all-time highs. Both indices have begun a new trend higher after breaking out
last week. The S&P 500 is trading ~1.5% below its upper channel line, which is now rising above 4,400. We
continue to view near-term support along the rising 10- and 21-DMA for both indices. The distribution day count
remains low at two and four, respectively, 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 rallied sharply for a second straight week, pushing further into all-time highs. Both indices have begun a new trend higher after breaking out last week. The S&P 500 is trading ~1.5% below its upper channel line which is now rising above 4,400. We continue to view near-term support along the rising 10- and 21-DMA for both indices. The distribution day count remains low at two and four, respectively, with one day expiring on the Nasdaq next week.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 shook out briefly below its 50-DMA last week
only to push right back into new all-time highs this week. The Nasdaq, which has been leading over the last few
weeks, broke out from a 19-week consolidation into new all-time highs. We continue to view the rising 21-DMA
as a key level of near-term support. The distribution day count has declined to a reasonable three and four days,
respectively, with one additional day set to expire on the S&P 500 next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 shook out briefly below its 50-DMA last week only to push right back into new all-time highs this week. The Nasdaq, which has been leading over the last few weeks, broke out from a 19-week consolidation into new alltime highs. We continue to view the rising 21-DMA to be a key level of near-term support. The distribution day count has declined to a reasonable three and four days, respectively, with one additional day set to expire on the S&P 500 next week.
European Focus
On Thursday, the Stoxx 600 ended 1.10% above last Friday’s close. Of the 17 indices we cover, 12 are in a Confirmed Uptrend and five in an Uptrend Under Pressure. This week, we upgraded Ireland to a Confirmed Uptrend after it reclaimed its prior high and downgraded the U.K., Spain, and Sweden to an Uptrend Under Pressure after they breached their 50-DMA.
