The U.S. market remains in a Rally Attempt. Both S&P 500 and Nasdaq traded lower in four of five sessions this week, and closed down 2.4% and 3.2%, respectively. The indices are trading below 21- and 50-DMAs, which now may act as resistance to the upside. On the downside, the S&P 500 broke below major support at its rising 200-DMA (4,233), its first breach in seven months. The Nasdaq is testing support near its recent lows (12,963) with the 200-DMA (12,732) 2% further below. We will shift both indices to a Downtrend if they breach their recent lows (S&P 500: 4,216; Nasdaq: 12,963).
Tag: Rally Attempt
Market View
The U.S. market remains in a Rally Attempt. The S&P 500 and Nasdaq faded off 50-DMA (4,404/13,591) resistance after bouncing into this level earlier in the week. Both indices remain open for a follow through day as long as the consolidation remains above the recent lows (S&P 500: 4,216; Nasdaq: 12,963).
Market View
The U.S. market remains in a Rally Attempt. The Nasdaq rose 1.6% for the week, slightly retaking its 21-DMA (13,399) after having
held onto lows for the past eight days. It is about 1.6% below next resistance at the 50-DMA (13,655). The S&P 500 rose 1.2% and
bounced off support near the 200-DMA (4,208) but remains slightly below the 21-DMA (4,341) and 2.6% below the 50-DMA (4,425).
Both indices could see a follow-through day (FTD) on any day going forward if the recent lows are not undercut (S&P 500: 4,216;
Nasdaq: 12,963)
Market View
The U.S. market status was shifted to a Rally Attempt from a Downtrend on August 23. The S&P 500 and Nasdaq rose 0.8% and 2.3% for the week. Indices finished with a strong Friday, but still closed in the bottom half of the weekly range. Both were rejected in an attempt to retake and hold above 21/50-DMAs. Primary near-term resistance is again the 21-DMA (S&P 500: 4,440; Nasdaq: 13,667) and then the 50-DMA (S&P 500: 4,460, Nasdaq: 13,811). Still, the attempted rally will remain intact as long as recent lows (S&P 500: 4,335; Nasdaq: 13,161) are not undercut. Friday marked Day six of the rally attempt, with a follow-through day needed to upgrade the status back to a Confirmed Uptrend.
O’Neil Market View
The U.S. market remains in a Rally Attempt. The S&P 500 rallied into its 50-DMA (4,014) multiple times this week, unable to clear resistance, but still managing to hold narrowly above its 200-DMA (3,932). The Nasdaq is finding near-term resistance at ~12,000 but is still holding above all key moving averages including its 50-DMA (11,563). Both indices remain in position to follow through as long as their March lows (S&P 500: 3,808; Nasdaq: 10,982) hold.
Market View
The U.S. market is in a Rally Attempt. The S&P 500 and Nasdaq are consolidating after bouncing higher earlier this week. The market status will remain in a Rally attempt until a follow though day (+1.7% on higher d/d volume) occurs on either index and then upgraded to a Confirmed Uptrend or downgraded to Downtrend if the March 13th low (S&P 500: 3,808; Nasdaq: 10,982). is breached on both indices.
Market View
The U.S. market remains in a Rally Attempt. Despite Friday’s sharp gap lower, indices are still holding above last week’s lows (S&P 500: 3,584; Nasdaq: 10,572) keeping the attempted rally alive. A follow-through day (+1.7% in higher d/d volume) above these lows would still upgrade the market status to Confirmed Uptrend, while an undercut would kill the attempt. Near-term resistance is again the rolling 10-DMA (S&P 500: 3,720; Nasdaq: 10,967). The next level of support below year-to-date lows on the S&P 500 is 3,393, while the next level on the Nasdaq is 10,519, followed by 9,838.
Market View
The U.S. market is in a Rally Attempt. The S&P 500 and Nasdaq held above a new low (S&P 500: 3,886; Nasdaq: 11,471) for three sessions, regaining multiple key moving averages Friday. The market status can now be upgraded to Confirmed Uptrend should a follow-through day (+1.7% in higher day/day volume) occur as early as Monday. Conversely, the market status will shift back to Downtrend should recent lows undercut.
Market View
The U.S. market is in a Rally Attempt. The S&P 500 reversed from 21-DMA resistance giving up early week gains to close down for a fifth straight week. Despite the reversal, the index is still holding above the May 2 intraday low (4,062), which keeps the attempted rally on this index intact. The Nasdaq also reversed sharply from its 21-DMA, however, did undercut prior lows, killing the rally attempt on that index. Though a follow-through day (FTD) on the S&P 500 can still result in a market upgrade as early as Monday, the earliest the Nasdaq can stage a FTD is now Thursday. Both indices face resistance at the sharply rolling 10-DMA (S&P 500: 4,214; Nasdaq: 12,620) and 21-DMA (S&P 500: 4,285; Nasdaq: 12,944).
Market View
The U.S. market remains in a Rally Attempt. The S&P 500 and Nasdaq were unable to rally above 10-DMA resistance (S&P 500: 4,275; Nasdaq: 13,207), reversing from that level again Friday. Despite poor technical action, both indices remain above the February 24 low, keeping the attempted rally alive. Monday will mark Day 13 of the Rally Attempt with a follow-through day still needed to upgrade the market status. An undercut of these lows will shift the market status back to Downtrend.
