The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq declined 1.4% and 1.9% for the week. The market
status will shift to an Uptrend Under Pressure should indices close below follow-through day lows (4,432/13,677). The distribution
day count now stands at two and one, respectively. The S&P 500 is trading below its 50-DMA with immediate support at the 100-
DMA 4,347 (-2.3%). The Nasdaq also breached the support level at 50-DMA with next support at its 100-DMA support (13,312;
-3.3%).
Tag: Confirmed Uptrend
Market view
The U.S. market was shifted to a Confirmed Uptrend from a Rally Attempt on August 29. The S&P 500 and Nasdaq rose 2.5%
and 3.2% for the week. Both indices are trading above their 50-DMA, which will serve as a key level of support (4,469/13,843). Look
for indices to avoid accumulating distribution days while consolidation above moving average support.
Market View
The U.S. market status remains in a Confirmed Uptrend. S&P 500 and Nasdaq rose 1% and 2% for the week, including a gap-up and close higher on Friday. The S&P 500 quickly retook its 10-DMA (4,552) after trading below on Thursday, and is ~2% above its 21-DMA (4,498). Potential resistance is just over 1% above at March 2022 highs (4,637). The Nasdaq traded below its 10-DMA (14,175) for five days before retaking the level on Friday. It is 2.4% above the 21-DMA (13,976). Potential resistance includes the highs from the prior week (14,447) and then March 2022 highs (14,647). The distribution day count stands at four and three, respectively, after one day expired on each index after Friday’s close.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 gained 70 bps for the week however the Nasdaq reversed off highs and declined 60 bps. Support for the S&P 500 is at its 10-DMA (4,509), followed by the 21-DMA (4,459). The Nasdaq closed slightly below its 10-DMA (14,061), with the next level of support at its 21-DMA (13,872). The distribution day count stands at five and four, respectively, with two days expiring on each index next week.
Market View
The U.S. market status remains in a Confirmed Uptrend. S&P 500 and Nasdaq rose 2.4% and 3.3%, each rising to
fresh 52-week highs. The S&P 500 has some minor possible resistance at 4,512 (April 2022 reversal lower), while
Nasdaq broke above the previous resistance at 14,032. We see the next levels of resistance ~3% above for each at
4,637/14,500, respectively. Indices continue to trend above their rising 10-DMA support (-2%). The distribution day count
stands at five and three, respectively.
Market View
The U.S. market status remains in a Confirmed Uptrend. Indices continue to consolidate on below average volume. The S&P 500 and Nasdaq are slightly below their 10-DMA (4,405/13,656) followed by the next level of support at the rising 21-DMA (4,367/13,506). The distribution day count stands at five and three respectively with one day expiring on the S&P 500 next week.
Market View
The U.S. market status remains in a Confirmed Uptrend. Both S&P 500 and Nasdaq gapped up on Friday and closed strong for over 2% weekly gains. The S&P 500 closed above immediate resistance near 4,448, while for the Nasdaq it remains just below the peak from two weeks prior near 13,864. The distribution day count stands at four and three, respectively.
Market View
The U.S. market status remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back 1-2% off 52-week
highs and are testing 10-DMA support (4,357/13,514) followed by the rising 21-DMA (4,308/13,289)). The distribution day
count stands at four and three respectively with one day expiring on each index next week.
Market View
The U.S. market status remains in a Confirmed Uptrend. The S&P 500 and Nasdaq jumped 2.5% and 3% higher and remain short-term extended. The next level of price resistance is near ~4,512 and ~14,032 respectively. Support is at the rapidly rising 10-and-21-DMA (4,279/13,158). The distribution day count stands at five and three with one day expiring on the S&P 500 next week.
Market View
The U.S. market status remains in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat for the week,
consolidating sharp recent gains above 10-DMA (4,254/13,095) and 21-DMA (4,214/12,864) support. The S&P 500 is
testing resistance at 4,325 with the next level at ~4,385. The next level of resistance on the Nasdaq is ~13,700. The
distribution day count stands at five and two, respectively, with one day expiring on the S&P 500 next week.
