Short-Term (days/weeks) : no sell signal for US Equity Indices, higher to early or late June

Short-Term (days/weeks) : no sell signal, higher to June
The S&P 500 and key US equity indices were mixed last week: the DJIA and
S&P 500 were slightly lower and the Nasdaq Composite and Nasdaq 100 were
both slightly higher. Daily OB/OS momentum indicators stalled around modestly
overbought for the S&P 500 and modestly oversold for the DJIA; OB/OS made
new short-term modestly overbought highs for the Nasdaq Composite and
Nasdaq 100.
At the close on Friday, the S&P 500 was in the middle of the range, the DJIA
and Nasdaq Composite were testing price support and the Nasdaq 100 was above
support.
No short-term sell signal (days/weeks) for US equity indices.
DJIA/NYSE ITI analogs (peaks in the 70% range and troughs in the 30% range)
still look relevant: both analogs still suggest strength to early June: see charts,
pages 3-4.
See Daily OB/OS Charts, attached.
Intermediate-Term (weeks/months): still positive
US intermediate indicators of breadth and momentum were almost all sharply
higher week-on-week at the close on Thursday, including NYSE, Nasdaq
Composite and Nasdaq 100 Intermediate Term Indicators and the Percentage of
S&P 500 Groups with Positive Money Flow ; the Money Flow of the Average
NYSE Stock was unchanged.
Key US equity indices were all higher week-on-week at the close on Thursday ;
the Nasdaq Composite and Nasdaq 100 were both sharply higher and both
indices are now testing intermediate resistance. See Weekly Charts, attached.
Across the board improvement in key US equity indices accompanied by mostly
sharper higher intermediate indicators suggests a still-positive intermediate trend
for US equity indices.
Analog models suggest a positive intermediate trend for US equity indices to
early/late June before the next pullback: see analog charts, pages 2-3.
Key Takeaway : the intermediate outlook (weeks/months) for US equities
remains positive.