US Stock Index Update

Even though last week was dubbed the best week in 2 years, the following charts show that the major indexes were just on track to get back to the upward trending channel dated back to September last year, and in fact, Dow is already in the channel, NASDAQ has touched the lower end and reversed, and S&P has not yet touched the lower end of channel yet.

DOW

NASDAQ

S&P 500

US market charts update

Today major US indexes except Dow are sitting right on the support dated back to last September, it's also the lower end of upward trending channel.  Dow is in a better shape, but is also sitting on 50 day MA.  Is a strong rally about to start?

NYA

S&P 500

DJIA

NASDAQ

US market chart update

Update to previous analysis: it seems the recent term target of major indexes is to reach 50 day MA.

S&P 500

NASDAQ

Dow

US market chart analysis

Chart analysis of Dow 30, NASDAQ and S&P 500 indexes of US market.  While mid-March low proved to be lower end of upward sloped channel dated back to Sep'10 for all indexes, developments after mid-March differ for different indexes.  The recent new high reached in early May was at the upper end of upward trending channel for Dow, but was at the mid-point of channels for S&P 500 and NASDAQ.  We will keep a close eye on the next dip before bullish breakout.

Dow 30

S&P 500

NASDAQ

S&P 500 Volatility Index (VIX).  Since 2008 crisis, VIX has been trending in a descending triangle, will this correction lead it to go up and test the upper end of the triangle.  We should keep a close eye.

US indexes broke down trend

Today SPX, COMPQ and DJIA all broke down trend since April 23rd, this is in my opinion, significant development.  We will wait and see whether this indeed is start of a new trend.