Short-Term (days/weeks) : a few days down, modest weakness for US Equity Indices

Short-Term (days/weeks) : a few days down, modest weakness
Key US equity indices were all lower last week, mostly turning down at resistance at new short-term price highs as Daily OB/OS momentum indicators turned down at mostly moderately overbought new short-term highs; the Nasdaq 100 turned down with a negative divergence in Daily OB/OS.
At the close on Friday, the S&P 500 and DJIA were both testing short-term support; the Nasdaq 100 and Nasdaq Composite were both still above next price support levels. Daily OB/OS momentum indicators were still modestly overbought (S&P 500, Nasdaq Composite and Nasdaq 100) or modestly oversold (DJIA) at the close on Friday.
Key US equity indices look modestly lower over the next few days (1-3%) to next price support levels: would use weakness as a buying opportunity.
The DJIA model of troughs in the NYSE ITI in the 30% range suggests renewed strength thereafter to new short-term highs by late-July: see chart, page 2. See Daily OB/OS Charts, attached.
Intermediate-Term (weeks/months):
US intermediate indicators of breadth and momentum were all higher week-on-week at the close on Thursday, including NYSE, Nasdaq 100 and Nasdaq Composite 100 Intermediate Term Indicators, Percentage of S&P 500 Groups with Positive Money Flow and Money Flow of the Average NYSE Stock.
Key US equity indices all fell week-on-week at the close on Thursday; all 3 indices turned down at intermediate price resistance. The DJIA is testing good intermediate support, the Nasdaq 100 is near intermediate support and the Nasdaq Composite is above intermediate support. See Weekly Charts, attached)
Across-the-board strength in intermediate indicators of breadth and momentum accompanied by lower US equity indices suggests a still-positive intermediate trend (weeks/months).
The DJIA/NYSE ITI analog model suggests positive intermediate trend too: see analog chart, page 2.
Key Takeaway : the intermediate outlook (weeks/months) for US equities remains positive.