The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied strongly this week, building on last week’s gains and now approaching levels of potential resistance. The S&P 500 is now sitting just below its upper channel line, a level the index has respected since breaking out last November. The Nasdaq, after regaining its 50-DMA late last week, is now on the right side of an eight-week consolidation and approaching resistance near all-time highs of 14,175. The 10- and 21-DMAs are now sharply rising and could act as potential near-term support should a pullback occur. Distribution is now a non-factor with the count over five weeks standing at two and three, respectively. There will be no further expiration for two weeks.
Tag: Confirmed Uptrend
European Focus
On Thursday, the Stoxx 600 closed 1.07% above last Thursday’s close. Of the 17 indices that we cover, 13, including the Stoxx 600, are in a Confirmed Uptrend and the remaining in an Uptrend Under Pressure. This week, we upgraded the U.K. to a Confirmed Uptrend as it reclaimed its prior highs. Austria and Belgium were shifted to a Confirmed Uptrend last Thursday after reclaiming their respective prior highs.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 moved back into all-time highs this week, while the Nasdaq narrowly regained its 50-DMA. The Nasdaq now faces resistance at ~13,600, with support still at the rising 100-DMA (12,959). The distribution day count declined this week, now standing at four on the S&P 500 and six on the Nasdaq with multiple additional days also set to expire next week.
European Focus
On Wednesday, the Stoxx 600 ended 0.63% above last Friday’s close. Of the 17 indices that we cover, 10 are in a Confirmed Uptrend and seven in an Uptrend Under Pressure. This week, we shifted the Netherlands to a Confirmed Uptrend after it reclaimed its prior high.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 moved back into all-time highs this week, while the Nasdaq narrowly regained its 50-DMA. The Nasdaq now faces resistance at ~13,600, with support still at the rising 100-DMA (12,959). The distribution day count declined this week, now standing at four on the S&P 500 and six on the Nasdaq with multiple additional days also set to expire next week.
Market View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq held support along their respective 50-
and 100-DMA this week. Despite a strong rally before the close Friday, the Nasdaq still faces multiple layers of
resistance including the 50-DMA at ~13,400 before price resistance at ~13,600. The distribution day count re-
mains elevated at six and seven, respectively, however, two expire on each next week due to time.
US Focus
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq held support along their respective 50- and 100-DMA this week. Despite a strong rally before the close Friday, the Nasdaq still faces multiple layers of resistance including the 50-DMA at ~13,400 before price resistance at ~13,600. The distribution day count remains elevated at six and seven, respectively, however, two expire on each next week due to time.
European Focus
On Thursday, the Stoxx 600 closed 0.06% below last Friday’s close. Of the 17 indices that we cover, nine are in a Confirmed Uptrend and the remaining are in an Uptrend Under Pressure. This week, we upgraded Switzerland to a Confirmed Uptrend as it reached a new high, while Spain, Norway, Belgium, and Austria were downgraded to an Uptrend Under Pressure after they breached their respective 21-DMA.
Market View
The U.S. market is in a Confirmed Uptrend. The S&P 500 pulled back to 21-DMA support after reaching an all-
time high earlier in the week. The Nasdaq closed back below its 50-DMA after finding strong resistance at
~13,600. Support is now at ~13,000, before the rising 100-DMA. The distribution day count stands at six a
piece, with one expiring on each next week.
US Focus
The U.S. market is in a Confirmed Uptrend. The S&P 500 pulled back to 21-DMA support after reaching an all-time high earlier in the week. The Nasdaq closed back below its 50-DMA after finding strong resistance at ~13,600. Support is now ~13,000, before the rising 100-DMA. The distribution day count stands at six a piece, with one expiring on each next week.
