Friday May Have Started A New Short-Term Uptrend

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Friday's strong session broke the market out of its confusion, and it appears to have started a new short-term uptrend.

Both of the bullish percents of the major exchanges are now pointing higher in a decisive fashion, which strongly favors higher stock prices in the short-term.

The NYSE common-stock-only summation looks like it is turning upwards, but the signal still isn't complete. A second, decisive-looking white candle would be a nice confirmation that stock prices are moving higher in the short-term based on this reliable indicator.

The SPX certainly looks like it is making a healthy move higher out of its base. If this were a stock, I would buy. Bullish.

 

The very important 52-week new low data showed a harmless level for the NYSE and a dramatically improved level for the Nasdaq. This is very welcome news for the bulls.

Bottom line: I closed a few shorts on Friday morning and then went long on stocks on Friday afternoon.


Outlook Summary

  • The short-term trend is up for stock prices as of June 2.

More By This Author:

Uncertainty In An Uncertain Market
The Short-Term Downtrend Continues Despite The Nasdaq Rallying
The Short-Term Downtrend Continues Despite Sideways Movement

Disclaimer: I am not a registered investment adviser. My comments reflect my view of the market, and what I am doing with my accounts. The analysis is not a recommendation to buy, sell, ...

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