Except for some slight weakness in the short-term trend picture in the DJIA and S&P 500, there are still no signs (yet) warning of any significant interruption of the market’s intermediate-term uptrend. Near-term support levels are about 1390 and 1375 for the S&P 500, and 2430 and 2400 for the Nasdaq; upside resistance is [...]
Last week the markets again postponed any consolidation and continued to advance, aided by upward momentum in the Nasdaq (no doubt helped by a now-positive SMH) and new all-time highs in the Russell 2000. And the weekly trend picture for stocks is about as positive as it gets, with only a still-negative Japan index [...]
The market’s move back up last week after the previous week’s sell-off confirms an ongoing intermediate-term uptrend, as does the all-green status of the weekly trend spectrums for most major stock indices and sectors. The only exceptions are (see below) the iShares MSCI Japan Index (EWJ), Semiconductor HOLDRS (SMH), and the Health Care Sector SPDR [...]
Last week’s market weakness, though minor, is reflected in the current weekly trend picture, which shows shorter-term trends as dominant – and currently down – for most non-commodity indices and sectors. While it’s always possible that this could turn out to be more than just a short-term top, the still intact intermediate-term uptrend and sentiment [...]
