Short-Term (days/weeks) : The short-term uptrend from the March low is intact for US equity indices.

Short-Term (days/weeks) : short-term uptrend intact
The S&P 500 and key US equity indices were slightly lower S&P 500, DJIA) or
unchanged last week (Nasdaq Composite, Nasdaq 100) as Daily OB/OS
momentum indicators turned negative.
At the close on Friday, Nasdaq Composite and Nasdaq 100 turned up at price
support and were testing resistance; the DJIA and S&P 500 turned up at support
and were just below resistance. Daily OB/OS momentum had turned positive and
was modestly overbought (S&P 500, Nasdaq Composite, Nasdaq 100); DJIA
Daily OB/OS had neutralized from modestly oversold.
The short-term uptrend from the March low is intact.
The DJIA /NY SE ITI analog of peaks in the 70% range had pointed to short-term
weakness last week, but this looked more like a risk scenario than a base case.
This model now suggests strength to June: see chart, page 2. The analog of
troughs in the 30% range suggests a final short-term low next week, then a rally
to late June: see chart, page 3. The DJIA has diverged from the Pre-Election
Year analog model which now looks less relevant : see chart, page 4.
Base case: possible weakness next week, then new rally into June. See Daily OB/
OS Charts, attached.
Intermediate-Term (weeks/months): still positive
US intermediate indicators of breadth and momentum were mixed week-on-week
at the close on Thursday:
 NYSE, Nasdaq Composite and Nasdaq 100 Intermediate Term Indicators fell
and
 Percentage of S&P 500 Groups with Positive Money Flow and Money Flow of
the Average NYSE Stock were higher.
Key US equity indices were all lower week-on-week at the close on Thursday :
the DJIA is near trend support, the Nasdaq Composite breached intermediate
trend support and the Nasdaq 100 is testing intermediate support. See Weekly
Charts, attached.
The uptrend from the October low is intact.
The two most relevant analog models suggest a positive intermediate trend for
US equity indices to early/late June before the next pullback: see analog charts,
pages 2-4.
Key Takeaway : the intermediate outlook (weeks/months) for US equities
remains positive.