US Market Looking for Technical Confirmation

US Market Looking for Technical Confirmation

US Market Looking for Technical Confirmation

$DIA, $SPY, $QQQ, $VXX

Tuesday, the DJIA and S&P 500 fell ending a 6-session winning streak

Markets have been choppy in recent weeks, correcting 10% from their 26 January high only to rebound last week with their best weekly gains in 5 years.

Tuesday’s declines pushed the S&P 500 below the 50-Day MA, a technical support mark.

The Key market framework in terms of the economic landscape and earnings have not changed. We are looking for a technical confirmation the markets are on solid footing, it appears that we are having that confirmation now.

Tuesday, the major US stock market indexes finished at: DJIA -254.63 at 24964.75, NAS Comp -5.16 at 7234.31, S&P 500 -15.96 at 2716.26

Volume: Trade on the NYSE came in at: 853-M/shares exchanged

Declining issues outnumbered advancers on the NYSE by a 1.98-to-1 ratio, NAS a 2.05-to-1 ratio favored decliners.

The S&P 500 posted 14 new 52-week highs and 1 new low, and the NAS Comp recorded 86 new highs and 30 new lows.

  • NAS Comp +4.8% YTD
  • S&P 500 +1.6% YTD
  • DJIA +1.0% YTD
  • Russell 2000 -0.4% YTD

HeffX-LTN Market Indexes Technical Analysis: Neutral across the board

Stay tuned…

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :  
CONNECT WITH