The current market trend picture remains positive as the major market indices continue to work their way higher, and last week closed above some key resistance levels. A test of the next significant near-term upside resistance levels (i.e., at about 1410-1420 and ~1430-1440 for the S&P 500; 2480-2500 and ~2550 for the Nasdaq; and [...]
Last week’s strong rally and a now once-again positive market trend picture appear to confirm an ongoing intermediate-term uptrend from the March lows. Assuming the market (as represented by the S&P 500) continues to make its way higher over the coming days/weeks, it might be expected to find significant upside resistance at the 1410-1420, [...]
Following last week’s market sell-off, the market trend picture is now once again mostly negative. While this certainly suggests some further near-term weakness, not too much more can be read into it at this point as temporary trend reversals are normal behavior at market bottoms (and tops) as the market often experiences increased “noise” [...]
Last week’s rally through critical resistance levels has shifted the market trend picture to positive. This is consistent with other indicators (such as the continuing high degree of bearish sentiment as well as the positive divergences on momentum indicators at the recent lows) and suggests that an intermediate-term uptrend may be underway.
While some consolidation [...]
