Another week of “noisy” market action has once again left the overall market trend picture a very mixed bag. For example, the DJIA and S&P 500 are almost completely neutral, the Nasdaq is still clearly intermediate-term positive, and the Russell 2000 is biased negative.
The mixed picture applies to market sectors as well: Oil Service, [...]
The market trend picture continues to seesaw about in a noisy fashion, typical of what might be expected in consolidative action. There continue to be few identifiable trends in many of the major averages, but those that do appear to be present are short term and – at the moment – positive.
Options Expiration [...]
Back to a mixed/negative market trend picture after last week’s sell-off. The market “noise” level is fairly high, however, with the number of identifiable trends remaining low.
Key downside levels I’m watching are 1430-1440 on the S&P 500 and 13,000 on the DJIA, as well as the recent November lows (about 1405 and 12,700, respectively). [...]
Last week’s continued market strength has swung the weekly trend picture fully back to the positive side. While this move may turn out to simply be part of a large consolidation phase rather than a move to significant new highs, the overall bias remains up for now.
New positions
No new positions this week.
Watchlists
“Upside strength” [...]
Last week’s impressive rally was enough to shift the market trend picture from negative to neutral – but leaning toward positive. Many stocks remain oversold, so more upside might be expected in the days/weeks ahead as these conditions are relieved.
However, market sentiment will probably be key here to the current rally’s sustainability. A quick [...]
