Stocks bounced back from the setback a week earlier. But, the advance was less than ideal. The S&P 500 slowed down late in the week when a well-established technical ceiling was tested again. That doesn’t mean the bigger-picture advance is done. In fact, the S&P 500 is trapped nicely between rising support and resistance lines. That’s bullish to be sure. The index is just bumping into the upper boundary of this range. That’s OK, as the index ended the week at a record high. The NASDAQ Composite, on the other hand, is curiously struggling. While it made a gain last week too, it’s yet to hurdle the recent technical ceiling at 16,175, which also happens to be the peak from late-2021. There’s something about this level. It’s a bigger-picture problem simply because the NASDAQ tends to lead the broad market higher as well as lower. The fact that it’s still… more

We warned you a week ago that stocks had rallied too far, too fast. Last week they paid the price. The S&P 500 lost 0.4% of its value over the course of the prior five trading days. That’s not a lot. In fact, the market reclaimed much of what it had last on Tuesday following an alarming inflation report (more... more

That’s five in a row. With last week’s 1.4% advance, the S&P 500 is up 7.0% for the five-week stretch. The market is just rolling. On the other hand, with last week’s romp the index is now bumping into pretty-well-established technical resistance. It’s going to take something pretty special “umph” to keep things going. That’s even more the case in... more

Not every day was a winner last week. In fact, Wednesday was a decided loser after traders panicked over the Fed’s decision to dial back its dovishness. (That is to say, a spate of interest rate cuts isn’t a foregone conclusion.) Once they had a chance to regroup though, Thursday’s and Friday’s buying carried to the S&P 500 to yet-another... more

The market mustered another win last week, although this is the weakest of the last three weekly gains. The S&P 500 only finished the week up 1.0%, peeling back from its highs. The NASDAQ Composite peeled back even more. The volume behind the move wasn’t exactly staggering either. Traders are once again starting to doubt there’s a great deal more... more

It was touch-and-go for the better part of last week, with stocks unable to break above long-established technical resistance. With a roaring start though, the market finally punched through on Friday. Now that it’s over this hump, the bulls have a much easier road ahead. That doesn’t change the fact that stocks are still technically overbought and arguably overvalued. The... more

After stocks broke their eight-week win streak two weeks ago, the market recovered pretty well last week. Just don’t overreact or read too much into it. Neither of the indices actually hurdled an important technical level. There’s still a chance the stock market could tumble back into more serious trouble. On the flipside, both indices are back above a different... more