Stocks End Week Flat

Market Outlook- Market In A Correction:
From our point of view, the market is back in a correction now that all the major averages closed below their respective 50 DMA lines and important upward trendlines. Since the beginning of May, we have urged our clients and readers to be extremely cautious as the major averages and a host of commodities began selling off.
For those of you that are interested, the S&P 500 hit a new 2011 high on May 2, 2011. Two days later, on Wednesday, May 4, 2011, we turned cautious and said “The Rally Was Under Pressure” (read here). Then on Monday, 5.23.11, we changed our outlook to “Market In A Correction” (read here). On Monday June 6, 2011 we pointed out that the S&P 500 violated its 9-month upward trendline (read here) and reiterated our cautious stance. We have received a lot of “thank you” emails for being “spot on” in our cautious approach. We are humbled by your presence and very thankful for your continued support. Looking forward, the next level of resistance for the major averages is their respective 50 DMA lines then their 2011 highs. The next level of support is their longer term 200 DMA lines. If you are looking for specific help navigating this market, please contact us for more information.
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Wednesday marked day 1 of a new rally attempt for the tech-heavy Nasdaq composite. It is important to note that the window is now open for a proper FTD to emerge for the benchmark S&P 500 and the Dow Jones Industrial Average. Even though, both indexes enjoyed strong gains today, volume, a critical indicator of institutional sponsorship, was lighter than the prior day’s level which prevented a proper FTD from emerging.
Stocks Edge Higher On Healthy M&A Outlook- Wed Stock market commentary August 18, 2010
Stocks Fall As Earnings Season Begins Stocks fell hard last week as the market digested the latest round of mixed economic and earnings data. Investors continue to wait for a new catalyst to emerge to help the benchmark S&P 500 break out of its current 5-month trading range. Since December 2014, the S&P 500 has been trading between 2,119 (resistance) and…
Fed Spooks Markets; Dow & SP 500 Negate Big Breakouts The market is showing signs of a near term top after trading in a very tight range over the past 8-weeks. On Friday, stocks sold off hard after the Fed’s Rosengren, who’s been dovish, changed his stance and made the case for a rate hike…
Bulls Keep On Running This very strong bull market continues as the major indices all hit fresh record highs last week for the first time since 1999! In the short term, the market is extended up here and due to pullback after a very strong 8-week ~10% rally. It is also bullish to see that…