Short-Term (days/weeks) : here is support for the S&P 500 at 4500 and 4456 (1-2% below Friday’s close). Weakness should be used as a buying opportunity.

Short-Term (days/weeks) : no sell signal
Key US equity indices were mixed last week: the S&P 500 and DJIA were both
higher and the Nasdaq Composite and Nasdaq 100 both fell. Daily OB/OS
momentum indicators mostly turned down at moderately overbought.
At the close on Friday, the Nasdaq 100 and Nasdaq Composite were both testing
trend support from the May price lows; the S&P 500 and the DJIA were in the
middle of the range, near support. DJIA, S&P 500 Daily OB/OS momentum
indicators were still moderately overbought ; Nasdaq Composite and Nasdaq 100
Daily OB/OS were near neutral.
DJIA/NYSE ITI analogs suggest possible choppiness or modest short-term price
weakness, but there is support for the S&P 500 at 4500 and 4456 (1-2% below
Friday’s close). Weakness should be used as a buying opportunity. See Daily
OB/OS Charts, attached.
Intermediate-Term (weeks/months): still positive
US intermediate indicators of breadth and momentum were all higher week-onweek
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.
Indicators mostly accelerated higher.
Key US equity indices were also mostly higher week-on-week at the close on
Thursday : the DJIA and Nasdaq Composite accelerated higher and the Nasdaq
100 was modestly lower. See Weekly Charts, attached.
The DJIA and Nasdaq Composite are testing minor resistance; the Nasdaq 100 is
turning down at trend resistance from the 2021 highs. Intermediate indicators are
moderately overbought for the DJIA/Nasdaq Composite; the Nasdaq 100
Intermediate Term Indicator is in range of the highest levels seen since the fall
price low.
No intermediate sell signal for US equity indices.
The DJIA /NY SE ITI analog model suggests a positive intermediate trend too for
the DJIA/S&P 500 (weeks/months) with possible choppiness/modest weakness
in July/August, followed by new highs: see analog chart, page 2.
Key Takeaway : the intermediate outlook (weeks/months) for US equities
remains positive.