Following last week’s rally, the trend analysis for the major indices is now mixed to slightly positive – consistent with the possible beginning of a new intermediate-term up-trend. Unfortunately, it’s also consistent with what we’d expect to see from a “set-up” rally just before another leg down (a potential “third wave“) in an intermediate- or [...]
The lack of any follow-through (at least so far) to last Wednesday’s strong rally supports the view – also reflected in the all-red trend analysis picture – that the major market indices remain in an intermediate- to longer-term downtrend. In fact by the end of last week the NASDAQ and Russell 2000 were all the [...]
Last week’s market action left no doubt about the prevailing trend, and that’s reflected in the virtually all-red trend picture of all the major indices. So, is this merely a retest of the lows (the market is once again “oversold” and back to near-term support levels) or possibly something more serious?
While I’m skeptical – [...]
In the last two weeks the major indices have managed to rally back up to the nearest upside “resistance” levels of about 1280 on the S&P 500, 11,200 on the DJIA, and ~2200 on the NASDAQ. This is probably the minimum we might have expected for this up-move off the 6/14 lows.
There are reasons to [...]
It’s now a mixed picture on the weekly trend analysis page after last week’s strong rally. This remains consistent with the skeptical view that the current rally is most likely part of a larger downtrend or corrective phase in the market.
That said, I wouldn’t want to underestimate the upside potential from here – the [...]
