Although the market has begun pulling back after becoming overbought as it tested important upside resistance levels, there’s no reason to assume – yet – that the current uptrend has ended.
Unless or until the weekly trend analysis turns negative (it’s currently positive for most markets except, notably, the iShares Japan and Emerging Markets indices) and [...]
The ongoing rally in stocks has reaffirmed a positive weekly trend picture, but has also carried many market averages into overbought territory – just as the DJIA and S&P 500 (see chart below) are retesting their May highs. This isn’t necessarily a bearish sign – “overbought” (and “oversold“) conditions signal strength in a given [...]
It’s not time to panic yet, but last week’s market sell-off succeeded in reverting the previously all-positive weekly trend analysis back to a mixed picture. For now, I’m continuing to view weakness here as probably representing short-term consolidation in an ongoing uptrend – but only as long as the S&P 500 remains above the [...]
Last week’s market gains confirmed an ongoing uptrend and reinforced the likelihood that a retest of the May highs – at least for the DJIA and S&P 500 – appears to be underway.
In fact, the only markets with negative trend spectrums on the current weekly trend analysis page are the Commodity Research Bureau Index (CR-Y.NYB), [...]
