Report
SMI
Lane Dusserre

Short-Term (days/weeks) : higher for US equity indices. There is an open gap in the S&P 500 hourly bar chart at 4400; this looks like an area of upside attraction now.

Short-Term (days/weeks) : higher
Key US equity indices (S&P 500, Nasdaq Composite, Nasdaq 100, DJIA) were all higher last week, as expected, turning up at 2022 trend supports as Daily OB/OS momentum turned up at oversold. The S&P 500 also turned up around the February high, the 38% Fibonacci retracement of the losses from the July 2022 high on a daily bar chart, the 50 and 200-day moving averages and in range of the 4280/4186 price targets.
As of the close on Friday, S&P 500 and DJIA Daily OB/OS were still modestly oversold; Nasdaq Composite and Nasdaq 100 Daily OB/OS were modestly overbought.
There is an open gap in the S&P 500 hourly bar chart at 4400; this looks like an area of upside attraction now.
See Daily OB/OS Charts, attached.

Intermediate-Term (weeks/months): negative
US intermediate indicators of breadth and momentum were all sharply lower again week-on-week at the close on Thursday, including Nasdaq 100, Nasdaq Composite and NYSE Intermediate Term Indicators, Percentage of S&P 500 Groups with Positive Money Flow and the Money Flow of the Average NYSE Stock.
DJIA and S&P 500 indicators of breadth and momentum are not yet fully oversold; Nasdaq Composite and Nasdaq 100 indicators are moderately oversold.
Key US equity indices (DJIA, Nasdaq Composite and Nasdaq 100) were mixed again week-on-week at the close on Thursday : the DJIA was sharply lower again and the Nasdaq Composite and Nasdaq 100 were both slightly higher. The Nasdaq Composite is testing an area of support, Nasdaq 100 is testing possible support and the DJIA is above next price support.
See Weekly Charts, attached.
No intermediate buy signal. The NYSE Intermediate Term Indicator has fallen to the 20% range; in 19 of 25 analogs (84%) since Indicator inception in 1972, the DJIA subsequently fell to new price lows.
The intermediate uptrend (weeks/months) for US equities remains negative.
Provider
SMI
Analysts
Lane Dusserre

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