Summary
Our short- to intermediate-term technical scorecard remains mostly bullish for the major indices. For the S&P 500 (SPX), the five-day/13-day and eight-day/21-day exponential moving average (EMA) crossovers are bullish; the Vortex Indicator and the 21-day rate-of-change (ROC) are in bullish territory; and the Chande Trend Meter (CTM) is improving, but only slightly positive. Daily momentum is still bullish and there was no chart damage during the recent pullback. Some market breadth measures for the SPX are neutral or just slightly positive. Some 59% of stocks in the index are above their 200-day average, while the bullish percent index is only 55%. For the S&P 100 (OEX), 66% of stocks are above their 200-day average; for the Nasdaq 100, the reading is 62%. All of these measures have been in downtrends since late September, and we would like to see them improve to give us more confidence as we move deeper into 2025. So far, the stock market has shaken off a lot of troubling news -- but as evidenced by the price action on Friday, concerns remain and can reemerge quickly. The DeepSeek AI issue seems (seems) to be old news, but the impact of tariffs is an ongoing debate. In a bul
Upgrade to begin using premium research reports and get so much more.
Exclusive reports, detailed company profiles, and best-in-class trade insights to take your portfolio to the next level
Upgrade
