Short-Term (days/weeks) : looks like a low is in place

Short-Term (days/weeks) : looks like a low is in place
Key US equity indices were mostly slightly higher last week, turning up at trend
support as Daily OB/OS momentum indicators turned up in oversold territory.
The S&P 500 turned up at the 25% Fibonacci retracement of the gains from the
October low, near the August 2022 S&P 500 4305 target support.
This looks like a short-term buy signal.
At the close on Friday, S&P 500 and Nasdaq 100 were testing trend support, the
Nasdaq Composite uptrend was intact and the DJIA was turning up at trend
support. Daily OB/OS momentum indicators for the S&P 500 and Nasdaq 100
were very modestly oversold and Nasdaq Composite Daily OB/OS was neutral,
leaving room for further upside.
DJIA/NY SE ITI analogs suggested a short-term low now.
See Daily OB/OS Charts, attached and analog charts, pages 2-3.
Intermediate-Term (weeks/months): now neutral (was negative)
US intermediate indicators of breadth and momentum were mostly lower weekon-
week at the close on Thursday, including NY SE and Nasdaq Composite
Intermediate Term Indicators, Percentage of S&P 500 Groups with Positive
Money Flow and Money Flow of the Average NYSE Stock. The Nasdaq 100
Intermediate Term Indicator was sharply higher.
Indicators range from oversold (Percentage of S&P 500 Groups with Positive
Money Flow) neutral (Nasdaq Composite Intermediate Term Indicator, Money
Flow of the Average NYSE Stock) to modestly overbought (NYSE and Nasdaq
100 Intermediate Term Indicators).
Key US equity indices were mixed week-on-week at the close on Thursday ; the
Nasdaq Composite and Nasdaq 100 were both higher, turning up at intermediate
trend support and the DJIA fell, now testing trend support from the fall 2022
low. See Weekly Charts, attached.
Last week’s report suggested limited further downside: although the DJIA fell
again, improvement from support for the Nasdaq Composite and Nasdaq 100
looks like a new intermediate uptrend for these indices and the short-term trend
(days/weeks) has turned positive.
Expecting an intermediate buy signal soon.
The intermediate outlook (weeks/months) for US equities is now neutral
(was negative): on the alert for an intermediate buy signal.