The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are building the right side of consolidation after breaking above short-term resistance (S&P 500: 3,430, Nasdaq: 11,400). Distribution day count remains elevated at seven and five, however, two days will expire on the S&P 500 and one on the Nasdaq next week.
Tag: Confirmed Uptrend
Market View
U.S. Market
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are building the right side of a
consolidation after breaking above short-term resistance (S&P 500: 3,430, Nasdaq: 11,400). The distribution
day count remains elevated at seven and five, respectively, but two days will expire on the S&P 500 and one on
the Nasdaq next week.
Market View
U.S. Market
The U.S. market has shifted back to a Confirmed Uptrend. The status change was made after Thursday’s close
as both indices regained their respective 50-DMA, a multitude of quality growth ideas turned actionable, and
distribution was avoided for seven straight sessions ahead of a period where multiple days will begin to expire.
On Friday, indices pulled back to their respective 50-DMA, though little damage was done to leading stocks
given sizable gains earlier in the week. The S&P 500 added an eighth distribution day, though four will expire
over the next eight sessions. The Nasdaq’s count went unchanged at five total, with two set to expire over that
same time frame.
US Focus
The U.S. market has shifted back to Confirmed Uptrend. The status change was made after Thursday’s close as both indices regained their respective 50-DMA, a multitude of quality growth ideas turned actionable, and distribution was avoided for seven straight sessions ahead of a period where multiple days will begin to expire. On Friday, indices pulled back to their respective 50- DMA, though little damage was done to leading stocks given sizable gains earlier in the week. Four distribution days will expire on the S&P 500 and two on the Nasdaq over the next eight sessions.
Market View
U.S. Market
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continued their push into higher
highs this week, trending constructively above all major moving averages. We will be looking for sideways con-
solidation at the index level in the coming days as megacap Tech ideas consolidate sharp gains over the last two
weeks. This should result in positive internal action as many growth ideas are building and breaking out from
secondary entry points. Though indices have become extended from shorter-term moving averages, all leading
technical indicators remain positive. We will become more concerned should distribution on the Nasdaq begin
to cluster near highs. Currently, the count stands at one and five days, respectively, with no expiration next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continued their push into higher highs this week, trending constructively above all major moving averages. We will be looking for sideways consolidation at the index level in the coming days as megacap Tech ideas consolidate sharp gains over the last two weeks. This should result in positive internal action as many growth ideas are building and breaking out from secondary entry points. Though indices have become extended from shorter-term moving averages, all leading technical indicators remain positive. We will become more concerned should distribution on the Nasdaq begin to cluster near highs. Currently, the count stands at one and five days, respectively, with no expiration next week.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq made new all-time highs this
week, holding trend along their respective 10- and 21-DMA. Distribution stands at one and six days, respec-
tively, though two days expire on the Nasdaq early next week.
Technology, Consumer Cyclical, and Retail led all sectors by a wide margin this week, gaining 2–3% each. Fi-
nancial, Capital Equipment, and Utility lagged, declining 1–2% each, while Energy broke back below its 50-
DMA after dropping 5%. Utility and Energy are the only two sectors trading below their respective 200-DMA.
Top-ranked industry groups outperforming this week include Medical Services, Internet, Software, Building Prod-
ucts, Home Furnishings, Trucks, and Discount Retail. With the resurgence in Technology, leadership did narrow.
65% of S&P 500 stocks are trading above their respective 50-DMA and 57% are trading above their respective
200-DMA, compared with 79% and 59%, respectively, last week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq made new all-time
highs this week, holding trend along their respective 10- and 21-DMA. Distribution stands at one
and six days, respectively, though two days expire on the Nasdaq early next week.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq remain above their respective 10-
and 21-DMA with one and five distribution days, respectively. No distribution days will expire next week, but two
will fall off the Nasdaq the following week. Resistance remains all-time highs of 3,393 on the S&P 500 and
11,121 on the Nasdaq before its upper channel line.
Long-term lagging sectors led by a wide margin this week with Transportation and Consumer Cyclical each
gaining more than 3%. Long-term leading sectors, Technology and Health Care, lagged, trading relatively flat
for the week. Leadership has broadened, resulting in all sectors trading above their respective 50-DMA and all
but Energy and Utility trading above their respective 200-DMA. Top-ranked industry groups outperforming this
week include Air Freight, Trucks, Auto Parts, Alternative Energy, Building Products, Discount Retail, Home Fur-
nishings, Leisure Products, and Semiconductors. 79% of S&P 500 stocks are trading above their respective 50-
DMA and 59% are trading above their respective 200-DMA, compared with 74% and 57%, respectively, last
week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq remain above their respective 10- and 21-DMA with one and five distribution days, respectively. No distribution days will expire next week, but two will fall off the Nasdaq the following week. Resistance remains alltime highs of 3,393 on the S&P 500 and 11,121 on the Nasdaq before its upper channel line.
