Recent Articles in US Markets

We are taking a long trade in the NDX as price has reversed from the uptrend line we highlighted in our Tuesday report.  This may end up being a very short-term trade, not sure. But this is a good spot to put the trade on.

We are cautious short-term as the following major indices are at either a Money Flow Unit (MFU) target or MOB target band: S&P 500, Nasdaq Composite, Russell 2000, and MidCap (MDY).

This is an updated chart of the NDX which continues to struggle beneath the MOB target band we have been highlighting. At most, this is a pause or the start of a short-term pullback with risk down to the uptrend off the March low at 13400.

We got a reversal at or close to target zones on the S&P 500, Nasdaq Composite, and the Mid Cap (MDY).

We would be adding to the short we initiated with our April 13th note.

We are short the NDX with our April 13 note and would be adding here.

The NDX is at the MOB target band as a zone of resistance. We like the short trade, and the stop is fairly tight just above the MOB band. Price is overbought short-term.

The index is into a MOB target band and the mid-point of its regression trend channel as a resistance area.

We are going to keep the report short today as we want to focus on what is changing on the margin with the indices we cover and send those thoughts out as needed.

We had strong upside momentum in both the Nasdaq Composite and S&P in the last four days.

We pointed out in our March 16 Technical Tuesday report that we were seeing a good recovery in the SMH and to selectively add to the group.

We are taking a short trade here as price has broken below the short-term uptrend. A short trade will be triggered on another system when price breaks below 12738.93. Given all the negative charts we reviewed today, a few of which we sent out as short ideas, we believe this level will be triggered, and we are front running that signal.

The S&P 500 and Nasdaq Composite have come down marginally from last week’s highs with the deepest pullback in the Russell 2000 and Mid-Cap (MDY). The MDY has pulled back to an ellipse buy zone, and from here, we would like to see a reversal up to confirm the buy. The pullback in the Dow Transports has been shallow, and the index is into a buy zone. As with other buy signals we are getting, we want to confirm reversal before committing new capital.