While the intermediate-term trend (measured in weeks/months) continues to remain positive, there are some signs that the market may be about to take a short-term breather (measured in days/weeks):
Friday’s weak close may lead to some follow-through this coming week
Short-term “overbought” readings on the DJIA are the highest they’ve been since the mid 1990s on the [...]
Overbought and with a slight slowing in short-term upward momentum and with upside resistance levels nearby, the market could hardly be blamed if it decided to take a well-deserved breather here. However, all indications still point to an ongoing intermediate-term uptrend, which suggests yet higher prices ahead.
Given the market’s extended condition, I’m not about [...]
Some more upside resistance levels fell by the wayside last week as the major market indices continued to push higher. And despite ongoing “overbought” technical conditions, all signs continue to point to still higher prices ahead.
That being said, a consolidation will occur at some point, and – except for the DJIA, which is trading [...]
The market’s strong performance last week again confirmed an ongoing uptrend, leaving only the CRB Index, Semiconductor HLDRS, Energy Sector SPDR, and Consumer Staples Sector SPDR ETFs with negative trend spectrums on the weekly trend picture. While a pullback or consolidation could be expected at any time, the strength that the market has demonstrated so [...]
Many market indices and industry sector ETFs confirmed their ongoing uptrend last week, with the strongest pushing their way through nearby resistance to new recent highs. The weekly trend analysis reflects this mostly positive picture, although it’s not unanimous – the Russell 2000, iShares Emerging Markets Index, iShares Hong Kong Index, Consumer Staples Sector SPDR, [...]
