Short-Term (days/weeks) : positive for US equity indices, with possible modest weakness this week, to be used as a buying opportunity

Short-Term (days/weeks) : positive, with possible modest
weakness next week, to be used as a buying opportunity
The S&P 500 and key US equity indices were all higher last week, as expected,
turning up at trend support from the March low as Daily OB/OS momentum
indicators turned up around neutral or modestly overbought.
At the close on Friday, the S&P 500, Nasdaq 100 and Nasdaq Composite were
all testing trend resistance from the March 2022 high; Daily OB/OS momentum
was moderately overbought/overbought.
DJIA/Pre-Election Year and a new NYSE ITI analog (troughs in the 30% range)
look relevant and suggest modest price weakness next week (2-3%) for the
DJIA/S&P 500 (analog charts, pages 2-3). However, the analog of peaks in the
70% also looks relevant and suggests continued short-term price strength now :
see analog chart, 4. Regardless, all 3 analogs suggest new price highs thereafter.
Use possible price weakness next week as a buying opportunity: the intermediate
trend (weeks/months) remains positive with new highs into April/May expected.
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 Percentage of S&P 500 Groups with Positive Money Flow.
NYSE and Nasdaq 100 Intermediate Term Indicators and Percentage of S&P
500 Groups with Positive Money Flow accelerated higher.
US equity indices also all improved week-on-week at the close on Thursday, all
accelerating higher: all three indices are both still below next resistance levels.
See Weekly Charts, attached.
Accelerated improvement in intermediate indicators of breadth and momentum
and US equity indices suggests a still-positive intermediate trend (weeks/
months) for US equity indies.
Analogs of the DJIA and NYSE ITI and the Pre Election Year cycle point to new
short-term highs in April/May, so the intermediate trend for US equities remains
positive: see charts, pages 2-4.
Key Takeaway : the intermediate outlook (weeks/months) for US equities
remains positive.