Short-Term (days/weeks) : positive for US Equity Indices

Short-Term (days/weeks) : positive
The S&P 500 and key US equity indices were higher or unchanged last week
(S&P 500 and DJIA higher, Nasdaq Composite and Nasdaq 100 unchanged).
At the close on Friday, the DJIA, Nasdaq 100, Nasdaq Composite were turning
down at trend resistance; the S&P 500 was making a new short-term high. Daily
OB/OS momentum indicators were moderately overbought (DJIA, S&P 500) or
modestly overbought (Nasdaq Composite, Nasdaq 100).
Modest price weakness is still possible, but magnitude should be limited: there is
good price support nearby for key equity indices.
See Daily OB/OS Charts, attached.
Intermediate-Term (weeks/months): positive
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 Intermediate Term Indicators, Money Flow of the Average NYSE
Stock and the Percentage of S&P 500 Groups with Positive Money Flow.
NYSE, Nasdaq 100 and Nasdaq Composite Intermediate Term Indicators and
Percentage of S&P 500 Groups with Positive Momentum accelerated higher.
Key US equity indices were also all higher week-on-week at the close on
Thursday : the DJIA accelerated higher. The DJIA and Nasdaq 100 are both still
below intermediate price resistance; the Nasdaq Composite is testing resistance.
See Weekly Charts, attached.
Accelerated improvement in intermediate indicators and key US equity indices
suggests a still-positive intermediate trend (weeks/months).
Of the eight DJIA NYSE ITI and the Pre Election Year analogs, six point to
strength to at least May for key US equity indices. One analog suggests minor
weakness next week, then renewed strength ; one points to a sharp decline now,
but there is no intermediate sell signal so this looks unlikely : see analog charts,
pages 2-4.
Key Takeaway : the inter mediate outlook (weeks/months) for US equities
remains positive.