Short-Term (days/weeks) : possible consolidation or modest weakness for US equity indices , use as a buying opportunity

Short-Term (days/weeks) : possible consolidation or modest
weakness, use as a buying opportunity
The S&P 500 and key US equity indices were higher again last week: the S&P
500 breached resistance from the September/November 2022 highs as Daily OB/
OS momentum made a new short-term high.
At the end of the week, the S&P 500 was turning down at trend resistance from
the December 2021 high ; Daily OB/OS momentum was turning down at
moderately overbought. This looks like a signal of consolidation or possible
modest weakness.
However, the intermediate trend remains positive (see below), so weakness
should be used as a buying opportunity. The S&P 500 has support at 4080
(December high); this is about 1% below Friday’s close).
See Daily OB/OS Charts, attached.
Intermediate-Term (weeks/months): still positive
US intermediate indicators of breadth and momentum were all sharply higher
week-on-week at the close on Thursday, including NYSE, Nasdaq Composite
and Nasdaq 100 Intermediate Term Indicators, Percentage of S&P 500 Groups
with Positive Money Flow and Money Flow of the Average NYSE Stock.
US equity indices were also all higher week-on-week at the close on Thursday :
the DJIA is testing trend resistance from the 2022 high and the Nasdaq 100 and
Nasdaq Composite both breached resistance from the 2022 highs.
See Weekly Charts, attached.
Sharply higher intermediate indicators of breadth and momentum accompanied
by higher key US equity indices suggests a still-positive intermediate trend
(weeks/months) for US equity indices.
The NYSE ITI analog model looks less relevant right now, but the DJIA Pre
Election Year analog model still suggests a positive intermediate trend (weeks/
months) for the DJIA/S&P 500 : see analog chart, page 2.
Key Takeaway : the inter mediate outlook (weeks/months) for US equities
remains positive.