The U.S. market is in a Rally Attempt. The S&P 500 and the Nasdaq were down 1.5% and 2.7%, respectively, this week. Both traded inside the range from the prior week but closed near the lows of the week after being rejected from resistance at their 21-DMA (~4,430, ~16,900). The opportunity of a follow-through day, i.e., gains of 1.7% or higher on higher d/d volume, remains open as long as April 7 lows (4,835, 14,784) are not breached.
Tag: Rally Attempt
Market View
The U.S. market is in a Rally Attempt. Indices surged higher off their respective lows (S&P 500: 4,835, Nasdaq:14,784) this week but didn’t meet the criteria to upgrade the market status. The window for a follow-through day (+1.7% on higher volume D/D) remains open. The S&P 500 and Nasdaq have regained their 10-DMA (5,354, 16,629) with the next level of resistance at their declining 21-DMA (5,479, 17,089).
O’Neil Market View
The U.S. market is in a Rally Attempt. Indices are fading after bouncing into moving average resistance. The S&P 500
is pulling back from its 200-DMA (5,759) while the Nasdaq is declining from its 21-DMA (18,048). The next level of support
is at the recent low of ~5,504 and ~17,238 on the S&P 500 and Nasdaq, respectively. The market status will move back
to a downtrend should both indices undercut their recent low (S&P 500: 5,504, Nasdaq: 17,238). Until then, the window
for a follow-through day (FTD) remains open
O’Neil Market View
The U.S. market is in a Rally Attempt. The S&P 500 rose 0.5%, while the Nasdaq rose 0.2% last week, including upside intraday reversals to close positive on Friday. Indices have resistance at declining 21-DMAs (5,748, 18,166), which is now crossed below the 200-DMA The window for a follow-through day (FTD) remains open unless indices undercut last week’s intraday lows (5,505, 17,238).
Market View
The U.S. market is in a Rally Attempt. Despite the heavy sell-off this week, the Nasdaq has held above its recent low (17,238) for three sessions and is open for a follow through day as soon as Monday. A follow through day is a move of +1.7% or more on volume higher than the prior session. The Rally Attempt on the Nasdaq resets if the low (17,238) is undercut. The S&P 500 set a new low (5,504) on Thursday and is only on its first day off that low and will be open for a follow through, if the low is held, as early as Wednesday.
Market View
The U.S. market remains in a Rally Attempt. Indices have bounced off recent lows (S&P 500: 5,402, Nasdaq: 16.668) and regained their respective 50-DMA (S&P 500: 5,511, Nasdaq: 17,512). The market status will be upgraded to Confirmed Uptrend if either index stages a follow-through day (+1.7% on volume higher d/d) or if the S&P 500 closes at a new all-time high.
Market View
The U.S. market has been shifted to a Rally Attempt. The S&P 500 and Nasdaq were down very slightly for the week, reversing from sharp losses to close near the highs of the week. The S&P 500 broke and then retook the 100-DMA (5,313), while the Nasdaq closed back above March highs of ~16,540 after testing the 200-DMA (15,892). Indices have immediate resistance at their 21-DMA (5,401/17,160), followed by the 50-DMA (5,446/17,545) which is 2–5% above current levels. We will shift the market to a Confirmed Uptrend if a follow-through day occurs (+1.7% or more on higher d/d volume without recent lows being undercut).
Market View
The U.S. market remains in a Rally Attempt. The S&P 500 and Nasdaq have regained and are consolidating above 50-DMA
support (5,139/16,085). In addition, both indices are only 1% off all-time highs ( 5,264/16,538). We will shift the market status to a
Confirmed Uptrend either on a follow-through day (+1.7% on volume higher d/d) or on a close at a new all-time high.
Market View
The U.S. market remains in a Rally Attempt. On Friday, the Nasdaq narrowly missed a day-10 follow-through day, rising 2.0% on volume that was slightly below the prior day. The S&P 500 did also rose 1.3% on Friday on lower volume. For the week, indices were up 0.5% and 1.4%, respectively. The S&P 500 is testing its 50-DMA (5,130) after trading below for three weeks. The Nasdaq retook the 50-DMA (16,058) and is back to within 2% of all-time highs after trading as much as 8% off highs.
Market View
The U.S. market remains in a Rally Attempt. Indices have rallied off recent lows (S&P 500: 4,953; Nasdaq: 15,222) as the Nasdaq narrowly missed a follow-day after a strong move on Friday. Both indices face resistance at the at their respective 50-DMAs (S&P 500: 5,124; Nasdaq: 16,052).
Over the last five sessions, Technology and Consumer Cyclical rose ~4% and outperformed, followed by Retail, jumping 2%. Four other sectors – Consumer Staple, Energy, Capital Equipment and Utility – rose 1%, while Financial, Health Care and Basic Material gained slightly less than 1%. The best performing industry groups over the past five sessions include Department Stores, Auto Manufacturers, Ships, Banks, Leisure Toys, Education, Hospitals and Semiconductor Manufacturing. The worst performing industry groups over the past five sessions include Hardware, Steel, Leisure Movies, Wholesale Food, Internet Content, Auto Parts, Machinery, Specialty Retail and Solar. Forty-five percent of S&P 500 stocks are trading above their 50-DMA, and 72% are trading above their 200-DMA versus 34% and 67%, respectively, a week ago. Thirty-three percent of Nasdaq 100 stocks are trading above their respective 50-DMA, versus 18% one week ago.
