Short-Term (days/weeks) : positive, use weakness in US equities as a buying opportunity

Short-Term (days/weeks) : positive, use weakness as a buying
opportunity
The S&P 500 and key US equity indices were all higher last week as Daily OB/
OS momentum indicators turned down at moderately overbought.
At the close on Thursday, the S&P 500 was testing trend resistance from the
March 2022 high; the Nasdaq 100 and Nasdaq Composite were both turning up
at trend support from the October low. Daily OB/OS momentum indicators were
modestly-to-moderately overbought.
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 mostly lower 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 ; the Percentage of S&P 500 Groups with Positive Money Flow was
higher.
The Nasdaq Composite Intermediate Term Indicator accelerated lower.
US equity indices also all improved again week-on-week at the close on
Thursday and the DJIA accelerated higher: the DJIA, Nasdaq Composite and
Nasdaq 100 are all still below next resistance levels. See Weekly Charts,
attached.
No sell signal—the intermediate trend (weeks/months) remains positive for US
equity indices.
Analogs of the DJIA and NYSE ITI and the Pre Election Year cycle point to
strength to late April at a minimum for key US equity indices, so the
intermediate trend remains positive: see analog charts, pages 2-4.
Key Takeaway : the intermediate outlook (weeks/months) for US equities
remains positive.