• 846 days Will The ECB Continue To Hike Rates?
  • 846 days Forbes: Aramco Remains Largest Company In The Middle East
  • 848 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,248 days Could Crypto Overtake Traditional Investment?
  • 1,253 days Americans Still Quitting Jobs At Record Pace
  • 1,255 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,258 days Is The Dollar Too Strong?
  • 1,258 days Big Tech Disappoints Investors on Earnings Calls
  • 1,259 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,261 days China Is Quietly Trying To Distance Itself From Russia
  • 1,261 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,265 days Crypto Investors Won Big In 2021
  • 1,265 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,266 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,268 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,269 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,272 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,273 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,273 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,275 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

The State of the Trend

Based on our market breadth analysis we concluded last week that the major indices are due for a rebound. For easy comparison and follow up we'll start with the same two charts to show what transpired.

The SPX intraday chart shows that the index finds itself in a position reminiscent of April 11th:

SPX Chart

The market breadth chart shows that the rebound from last week's oversold levels brought it back within the overbought zone:

CIT Dates Chart

As one would expect, the Qs benefited from the improved market breadth and rejoined the uptrend:

QQQ Chart

The weekly SPX chart asks the same question from earlier this month: whether the index will continue within the same channel, or whether it will embark on a steeper ascent:

SPX Chart 2

Based on the evidence presented above, we expect that after a likely end-of month ramp-up, a sideways/down phase will follow.

 

Back to homepage

Leave a comment

Leave a comment