The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq gapped up 6% and 8% respectively this week and regained key levels of resistance. The S&P 500 is trading above its 100-DMA (3,904) for the first time since early September and quickly approaching the next level of resistance at its 200-DMA (4,081). The Nasdaq broke through its 50-DMA (11,014) and October highs (11,210) but will face resistance at its 100-DMA (11,518). The distribution day count stands at five and two respectively.
Tag: Confirmed Uptrend
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied for a second straight week, progressing instantly higher post the October 21 follow-through day (FTD). The S&P 500 closed above its 50-DMA (3,842), which will now act as initial near-term support, while the 100-DMA (3,903) is now the next level of logical resistance. The Nasdaq is still trading below both the early October high of 11,230 and the rolling 50-DMA (11,314), which will coincide to act as near-term resistance. The distribution day count stands at two, and one, respectively.
Market View
The U.S. market has been upgraded to a Confirmed Uptrend. The S&P 500 and Nasdaq staged a Day 7 follow-through today, each jumping over 2% in higher day/day volume. Both indices closed back above their respective 10- and 21-DMA, with the next level of resistance at October highs (S&P 500: 3,806; Nasdaq: 11,230) followed by the rolling 50-DMA (S&P 500: 3,887; Nasdaq: 11,517).
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back from 200-DMA (S&P 500:
4,321; Nasdaq: 13,447) resistance this week following four straight weeks of strong gains. The next level of support below
the 10-DMA is the rising 21-DMA (S&P 500: 4,157; Nasdaq: 12,560). The distribution day count stands at three and five,
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 and Nasdaq gained ~3% each for the week, rallying for the fourth straight week and nearing 200-DMA resistance (S&P 500: 4,329; Nasdaq: 13,510). Indices have become short-term extended versus 10- and 21-DMA support (S&P 500: 4,085; Nasdaq: 12,322). The distribution day count now stands at four and five, respectively, with two days expiring on the S&P 500 and one on the Nasdaq next week.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 traded relatively flat this week, consolidating sharp July gains constructively above all near-term moving averages. This index still faces resistance at 4,177, or June highs. The Nasdaq traded higher for a third straight week with now no clear resistance until a falling 200-DMA (13,570). The sharply rising 10- and 21-DMA (S&P 500: 4,015; Nasdaq: 12,039) will act as near-term support for both indices. The distribution day count stands at five and three, respectively, with no expiration next week. There will however be three days expiring on the S&P 500 the following week.
Market View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied strongly for a second straight week, pushing
narrowly above 100-DMA (S&P 500: 4,122; Nasdaq: 12,349) resistance Friday. Though the Nasdaq has also cleared
above June highs (12,320), the S&P 500 still faces resistance at that level (4,177). The 10- and 21-DMA (S&P 500: 3,943;
Nasdaq: 11,715) have now crossed above the 50-DMA to act as the next near-term level of support. The distribution day
count remains at five each with one day expiring on the S&P 500 and two on the Nasdaq next week.
Market View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq regained and are consolidating above their 50-
DMAs (S&P 500: 3,918; Nasdaq: 11,497) for the first time since March. Look for near term support at the sharply rising
10-and-21 DMA followed by the 50-DMA. The distribution day count stands at four each.
Market View
The U.S. market has been upgraded to a Confirmed Uptrend. The S&P 500 and Nasdaq staged a Day 5 follow-through Friday, jumping over 3% in higher day/day volume. This is now the fifth FTD of the year. Both indices cleared the 10- and 21-DMA, which will now serve as near-term support, while the next level of logical resistance is the sharply rolling 50-DMA (S&P 500: 4,066; Nasdaq: 11,998).
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq held slightly above 21-DMA support
(S&P 500: 4,086; Nasdaq: 11,981) this week, consolidating sharp gains off recent lows in choppy fashion. The next level
of logical resistance for both indices is the sharply falling 50-DMA (S&P 500: 4,249; Nasdaq: 12,773). Following Tuesday’s
rebalancing volume spike, volume came in well below average for the remaining three sessions allowing the distribution
day count to stay at one each.
