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NASDAQ AND SMALL CAP INDEXES FALL BELOW 50-DAY AVERAGES ON BIG VOLUME -- SECTOR ROTATIONS TURN DEFENSIVE -- DOW AND S&P 500 SUFFER DOWNSIDE REVERSAL DAYS -- VOLUME PATTERNS ARE NEGATIVE -- WEEKLY MACD LINES REMAIN NEGATIVE FOR S&P

by John Murphy,

Chief Technical Analyst, StockCharts.com

NASDAQ AND SMALL CAPS LEAD MARKET LOWER... Stocks suffered a bad chart day on Friday. Stock indexes lost more than 1% in heavy trading. Small cap stocks and the Nasdaq market lost more than 2%. Chart 1 shows the Nasdaq Composite Index losing -2.6% on the day in very...   READ MORE 

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10-YR TREASURY YIELD FAILS AT RESISTANCE -- 7-10 YR T-BOND ETF SURGES OFF WEDGE TREND LINE -- SMALL-CAPS AND TECHS LEAD MARKET LOWER -- RSP AND SPY STILL HOLDING UP -- BREATH INDICATORS SHOW NO DIVERGENCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

10-YR TREASURY YIELD FAILS AT RESISTANCE... Programming Note: Chip, Greg, John and I are at the MTA Symposium on Thursday and Friday. Today's Market Message will not include a video because I am on the road. Also note that I will be taking a family vacation from April...   READ MORE 

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$INDU, $SPX AND $TRAN MAKE NEW HIGHS TOGETHER -- TRUCKING INDEX MAKES HIGHER LOWS AND HIGHER HIGHS -- $SPX STOCKS ABOVE 200 DMA AND STOCKS ABOVE 50 DMA STILL HEALTHY -- $SPX IS NOW IN THE SECOND LONGEST RALLY IN 30 YEARS

by John Murphy,

Chief Technical Analyst, StockCharts.com

$INDU $SPX AND $TRAN MAKE NEW HIGHS TOGETHER... The $SPX made a new two day thrust higher this week. The $INDU shown in Chart 1 has made a new high today above the December 31st high. This new high confirms the breakout on the $SPX in Chart 2. (click to...   READ MORE 

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CONSUMER DISCRETIONARY SPDR LEADS MARKET HIGHER -- RETAIL SPDR CHALLENGES SUPPORT BREAK -- NUTRISYSTEM AND BEST BUY EXTEND CONSOLIDATIONS -- HOME CONSTRUCTION ISHARES SURGES OFF SUPPORT ZONE -- INTERNET ETF BOUNCES OFF SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

CONSUMER DISCRETIONARY SPDR LEADS MARKET HIGHER... Link for today's video. The Consumer Discretionary SPDR (XLY) weighed on the stock market with a sharp decline in March, but the ETF found support at a key retracement and bounced over the last three days. Chart 1 shows XLY with a...   READ MORE 

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DOW INDUSTRIALS AND TRANSPORTS CHALLENGE RESISTANCE -- MMM, TRV, CNW AND KSU GO FOR BREAKOUTS -- GLOBAL AUTO ETF SURGES TO NEW HIGH -- FIAT HITS NEW HIGH, FORD CONSOLIDATES AND GM TESTS SUPPORT -- FINANCE ETF FORMS FLAG AS BANKING SPDR BOUNCES OFF SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW INDUSTRIALS AND TRANSPORTS CHALLENGE RESISTANCE ... Link for today's video. With a surge the last two days, the Dow Industrials and Dow Transports are challenging consolidation resistance and poised for breakouts. Chart 1 shows the Dow surging above 16000 in February and then moving into a consolidation pattern....   READ MORE 

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ENERGY SECTOR SHOWS NEW MARKET LEADERSHIP -- ENERGY SPDR HITS NEW RECORD -- OIL SERVICE STOCKS ALSO SEE BIG GAINS -- HALLIBURTON AND SCHLUMBERGER ACHIEVE MAJOR BULLISH BREAKOUTS -- CRUDE OIL MAY BE FORMING BULLISH TRIANGLE

by John Murphy,

Chief Technical Analyst, StockCharts.com

ENERGY IS WEEK'S STRONGEST SECTOR... Energy stocks had a very good week. In fact, they were the strongest part of the stock market. Chart 1 shows the Energy Sector SPDR (XLE) breaking out to a new record. Even more impressive is the big jump in the XLE/SPX...   READ MORE 

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RSP AND SPY BOUNCE OFF CONSOLIDATION SUPPORT -- QQQ AND IWM BREAK 50-DAY LINES -- XLI, XLK AND XLF HOLD UP THE MARKET -- RUSSELL 2000 AND NASDAQ SERIOUSLY UNDERPERFORM -- TREASURIES START OUTPERFORMING STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

RSP AND SPY BOUNCE OFF CONSOLIDATION SUPPORT... Link for today's video. Even though selling pressure hit small-caps and momentum names over the last few weeks, the S&P 500 SPDR (SPY) and the Equal-Weight S&P 500 ETF (RSP) held up quite well and did not...   READ MORE 

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A LOOK AT THE QQQ 5 YEAR RALLY -- QQQ BOUNCES OFF TREND LINE SUPPORT -- GOOG LOSES $100 IN 6 TRADING DAYS -- S&P SECTOR PERF CHARTS SHIFT TO DEFENSIVE SECTORS -- TOBACCO INDUSTRY IS #1 CONSUMER STAPLES INDUSTRY GROUP

by John Murphy,

Chief Technical Analyst, StockCharts.com

QQQ � A LOOK AT THE 5 YEAR RALLY ... QQQ has recently touched the top of the channel trend line as shown in Chart 1. We have been rubbing it for 4 months now. We have not visited the lower channel line since the 2011 October lows. I want to show...   READ MORE 

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EAFE AND EEM ISHARES EARLY BOUNCE FADES -- EMERGING MARKET BONDS AND CURRENCIES ARE BOUNCING -- THE EURO RALLY HAS RUN INTO A MAJOR RESISTANCE LINE -- A STRONGER EURO HAS BOOSTED THE RELATIVE PERFORMANCE OF EUROZONE STOCKS OVER LAST TWO YEARS

by John Murphy,

Chief Technical Analyst, StockCharts.com

FOREIGN STOCK ETFS EARLY GAINS FADE... Foreign stock markets turned in a stronger performance earlier today, but their gains faded by day's end. Chart 1 shows EAFE iShares (which measures developed markets) trading above its 50-day moving average for most of the day. An afternoon fade, however, erased...   READ MORE 

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WATCHING THE 10-YR YIELD FOR CLUES ON STOCKS -- TLT BOUNCES OFF GOLDEN CROSS (AGAIN) -- MINING AND RELATED STOCKS HOLD STRONG -- AA CHALLENGES RESISTANCE AS BHP BOUNCES -- APPAREL RETAILERS INDEX BREAKS SHORT-TERM SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

WATCHING THE 10-YR YIELD FOR CLUES ON STOCKS... Programming note: We are having some technical issues and cannot produce a video at the moment. The 10-YR Treasury Yield ($TNX) continues to muddle along and trade above the October low. Chartists should watch Treasury yields because they are positively correlated with...   READ MORE 

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BEARISH DIVERGENCE EXTENDS IN $NDX BREADTH INDICATOR -- AMAZON, FACEBOOK AND GOOGLE, WEIGH ON THE NASDAQ -- MOMENTUM AND INTERNET STOCKS GET HAMMERED -- APPLE BUCKS THE TREND WITH RESISTANCE CHALLENGE -- XLY LAGS AND TESTS SUPPORT AS XRT FALLS

by John Murphy,

Chief Technical Analyst, StockCharts.com

BEARISH DIVERGENCE EXTENDS IN $NDX BREADTH INDICATOR... After forming two big outside days the prior two weeks, the Nasdaq 100 ETF (QQQ) is falling on Monday and breaking its first support level. Chart 1 shows QQQ opening strong and closing weak on March 13th and 21st (red arrows). Basically, these...   READ MORE 

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GILEAD AND BIOGEN LEAD BIOTECH SELLOFF WHICH PULLS NASDAQ LOWER -- MARKET SUFFERS DOWNSIDE REVERSAL DAY ON FRIDAY -- BIG JUMP IN 2-YEAR YIELD MAY HAVE ALSO UNSETTLED MARKET -- DOLLAR BOUNCE MAY CAP GOLD RALLY

by John Murphy,

Chief Technical Analyst, StockCharts.com

BIOTECHS TUMBLE ON FRIDAY... Biotech stocks, which have been market leaders for months, took a big hit on Friday. The catalyst for the heavy selling was a letter by a group of House Democrats asking Gilead Sciences to justify the high price of its hepatitis drug. That query caused the...   READ MORE 

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THE FAB FIVE HOLD THEIR BREAKOUTS -- BULLISH HIGHLIGHTS OUTWEIGH CONCERNS -- THREE KEY INDUSTRY-GROUP ETFS CONSOLIDATE IN MARCH -- FINANCE SPDR AND BANK ETF SURGE TO NEW HIGHS -- AN INDEX DOES NOT ALWAYS TELL THE WHOLE STORY

by John Murphy,

Chief Technical Analyst, StockCharts.com

THE FAB FIVE HOLD THEIR BREAKOUTS... Link for today's video. It was a wild trading week as stocks dipped sharply on Wednesday and recovered with an equally sharp advance on Thursday. The Fed, of course, got the blame for this week's volatility. Despite the dip and...   READ MORE 

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$USD SNAPS OUT OF A DOWNTREND -- THE CURRENCY PITS WERE YELLING YESTERDAY -- $XEU THE EURO HEADS LOWER AFTER A FAILED BREAKOUT -- $COPPER PRINTS A BULLISH OUTSIDE DAY -- $GOLD PULLS BACK LOOKING FOR SUPPORT -- THE BONDS WERE QUIET THROUGH THE FED MEETING

by John Murphy,

Chief Technical Analyst, StockCharts.com

$USD SNAPS OUT OF A DOWNTREND ... The $USD started falling the week after the last Fed meeting. Chart 1 shows a 2 hour chart of the UUP which gives us intraday data for the $USD. The six-week downtrend was relatively smooth and consistent. Two weeks ago, the dollar dropped below...   READ MORE 

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SPY SUCCESSFULLY TESTS FIRST SUPPORT LEVEL -- XLI AND XLY BOUNCE OFF EARLY MARCH LOWS -- XLK LEADS MARKET HIGHER -- MSFT LEADS TECHS HIGHER -- INTEL EXTENDS CONSOLIDATION -- BIOTECH ISHARES BOUNCES OFF SUPPORT ZONE

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY SUCCESSFULLY TESTS FIRST SUPPORT LEVEL... Link for today's video. The S&P 500 SPDR (SPY) fell sharply last week, but firmed on Friday and bounced off support this week. Chart 1 shows SPY breaking out to a new high with a gap in early March. This...   READ MORE 

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FOREIGN STOCKS LEAD US MARKET LOWER -- SHORT-TERM MARKET CHARTS SHOW DETERIORATION -- UKRAINE TENSIONS WEIGH ON GERMANY -- CHINA WEAKNESS AND RISING YEN WEIGH ON JAPAN -- FALLING BOND YIELDS ALSO HINT AT STOCK WEAKNESS

by John Murphy,

Chief Technical Analyst, StockCharts.com

U.S. STOCKS HAVE A BAD WEEK ... My Wednesday message warned that the Dow Industrials could run into profit-taking near its January highs, and that weekly indicators for the S&P 500 were giving "negative divergences" which also warned of a market pullback. Combined with increased tensions...   READ MORE 

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SPY FILLS THE GAP AND TESTS FIRST SUPPORT -- XLY, XLI AND XLK TEST FIRST SUPPORT LEVELS -- XRT IS STILL AN UNDERPERFORMER -- ITB NEARS IMPORTANT SUPPORT ZONE -- XME FORMS CUP-WITH-HANDLE PATTERN -- TLT AND IEF SURGE OFF KEY MOVING AVERAGES

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY FILLS THE GAP AND TESTS FIRST SUPPORT... Link for today's video. Stocks fell back this week and finally alleviated some of the short-term oversold conditions that built up in early March. The bulk of the evidence remains bullish for stocks, but the list of concerns grew this...   READ MORE 

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GOLD MINER ETFS ARE ALL THE RAGE -- JUNIOR MINERS ARE NOT CONFIRMING THE $XEU MOVE -- PRECIOUS METAL CHARTS ARE ALL STRONG EXCEPT COPPER -- ENERGY CHARTS ARE WEAKENING � SOFT COMMODITY CHARTS ARE SOARING

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD MINER ETFS ARE ALL THE RAGE... On the Top 10 Up ETF tab, the gold miners look particularly strong. The list that is shown in Chart 1 was dominated by precious metal ETF's today. GDXJ represents a flag pattern. It is trying to break out to the...   READ MORE 

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INDUSTRIAL COMMODITIES DON'T PARTICIPATE IN WEATHER-RELATED COMMODITY RALLY -- PLUNGE IN COPPER HINTS AT PROBLEMS IN CHINA -- NEW SELLING IN EMERGING MARKETS BEARS WATCHING -- DOW NEARS A TEST OF JANUARY HIGH -- WEEKLY S&P 500 INDICATORS RAISE CONCERNS

by John Murphy,

Chief Technical Analyst, StockCharts.com

MAJOR DIVERGENCE IN COMMODITY RALLY... I've written several messages about the recent rise in commodity prices. I've also pointed out, however, that most of the commodity gains were in weather-related agricultural markets (and natural gas). From an intermarket perspective, however, weather-related markets have much less impact...   READ MORE 

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CONSUMER STAPLES SPDR MINDS THE GAP -- EQUAL-WEIGHT CONSUMER STAPLES ETF HITS NEW HIGH -- TECHNOLOGY SPDR LAGS ITS EQUAL-WEIGHT COUNTERPART -- PG CHALLENGES RESISTANCE ZONE -- ENERGY SPDR CONSOLIDATES NEAR HIGHS -- XOM AND CVX HIT RESISTANCE ZONES

by John Murphy,

Chief Technical Analyst, StockCharts.com

CONSUMER STAPLES SPDR MINDS THE GAP ... Link for today's video. The Consumer Staples SPDR (XLP) extended its advance with a gap up in early March and an approach to the 2013 highs. Chart 1 shows XLP plunging below support in late January and rebounding sharply in February to...   READ MORE 

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SHANGHAI COMPOSITE FORMS YET ANOTHER LOWER HIGH -- COAL ETF AND INDEX TURN SHARPLY LOWER -- COPPER MINERS ETF BREAKS SUPPORT -- STEEL ETF COMPLETES THREE-POINT REVERSAL -- US STEEL AND NUCOR FORGE LOWER HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SHANGHAI COMPOSITE FORMS YET ANOTHER LOWER HIGH... Link for today's video. It is tempting to suggest that the Shanghai Composite ($SSEC) is testing a major support zone, but the trend is clearly down and support levels are not expected to hold in downtrends. Chart 1 shows the index...   READ MORE 

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COPPER FOLLOWS THE DOLLAR LOWER -- SLOW AND STEADY WINS THE RACE FOR STOCKS -- 10-YR TREASURY YIELD BREAKS FEBRUARY HIGH -- IEF FORGES OUTSIDE REVERSAL WEEK -- KEY BREADTH INDICATORS CONFIRM STOCK MARKET STRENGTH

by John Murphy,

Chief Technical Analyst, StockCharts.com

COPPER FOLLOWS THE DOLLAR LOWER... Link for today's video. Stocks extended their winning days as most of the major stock indices hit new highs again this week. A new high in the Finance SPDR (XLF) and renewed relative strength in the finance sector is perhaps the most significant...   READ MORE 

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$RUT UP 12% IN ONE MONTH, UP 254% IN 5 YEARS -- CAT, JOY, DE HAVE STRONG DAY -- FINANCIALS HAVE ANOTHER BIG DAY -- SOME LARGE MARKET ANNIVERSARIES -- A LOOK AT AN INTERESTING CYCLE

by John Murphy,

Chief Technical Analyst, StockCharts.com

$RUT UP 12% IN ONE MONTH, 254 % IN 5 YEARS... The $SPX has obviously been on a serious run since the 3 digit lows of 2009. The rise since those lows has been staggering. From February 2014 lows: $SPX 8 % $COMPQ 10 % $RUT 12 % From March 2009 lows: $SPX 182...   READ MORE 

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AUTOS, BANKS, AND RAILS HAVE A STRONG DAY -- LEADERS INCLUDE BAC, GM, AND CSX -- AUTO STRENGTH MAY BE BOOSTING PALLADIUM AND PLATINUM ISHARES -- MOVING AVERAGE TRENDS SHOW IMPROVEMENT

by John Murphy,

Chief Technical Analyst, StockCharts.com

MORE STOCKS ARE TRADING ABOVE MOVING AVERAGE LINES... One of my recent concerns about the stock market rally was the fact that a smaller percentage of stocks were trading above moving average lines. That situation, however, has shown noticeable improvement. The blue line in Chart 1 plots the NYSE Percent...   READ MORE 

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SMALL-CAPS LEAD MARKET HIGHER WITH BIG MOVES -- AN OVERBOUGHT STUDY FOR IWM -- EQUAL-WEIGHT FINANCE ETF HITS NEW HIGH -- GOLDMAN AND MORGAN BREAK FEBRUARY HIGHS AS JPM PULLS A REVERSAL -- MONSANTO LEADS MATERIALS SPDR TO NEW HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS LEAD MARKET HIGHER WITH BIG MOVES... Link for today's video. Turnaround Tuesday lived up to its reputation as stocks surged with a broad-based rally. The Russell 2000 ETF (IWM) and S&P SmallCap iShares (IJR) led the major index ETFs with sharp gains. Chart 1 shows...   READ MORE 

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SPY FOLLOWS SPINNING TOP WITH GAP DOWN -- THREE SUPPORTS FOR THREE KEY SECTORS -- INTC WEIGHS ON SEMICONDUCTOR ETF -- GOLD SURGES TO NEW HIGH FOR 2014 -- GERMAN DAX FAILS TO CONFIRM OTHER EU INDICES

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY FOLLOWS SPINNING TOP WITH GAP DOWN... Link for today's video. Last week I wrote about Monday's shooting star pattern in the S&P 500 SPDR (SPY). This bearish candlestick pattern was never confirmed because the ETF closed above the shooting star high on Friday...   READ MORE 

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APRIL CRUDE OIL IS TESTING AUGUST HIGHS -- THAT'S GIVING A BOOST TO ENERGY ETFS -- MARKET VECTORS OIL SERVICE ETF IS BIGGEST PERCENTAGE GAINER -- HALLIBURTON AND SCHLUMBERGER ARE OIL SERVICE LEADERS

by John Murphy,

Chief Technical Analyst, StockCharts.com

APRIL CRUDE OIL IS TESTING AUGUST HIGH ... My last two messages dealt with the recent upturn in commodity markets. During February, the CRB Index reached the highest level in a year. Most of those gains came in natural gas and agricultural markets owing mainly to weather concerns. This week saw...   READ MORE 

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ANOTHER WEEK AND ANOTHER SET OF NEW HIGHS -- DEFINING OVERBOUGHT FOR THE S&P 500 SPDR -- TREASURIES RALLY ALONG WITH STOCKS -- PIMCO BOND ETF HITS NEW HIGH -- AD LINE AND AD VOLUME LINE GET EXTENDED -- NEW HOME SALES COULD HAVE FURTHER ROOM TO RUN

by John Murphy,

Chief Technical Analyst, StockCharts.com

ANOTHER WEEK AND ANOTHER SET OF NEW HIGHS... Link for today's video. Even though stocks are getting overbought again, the bulk of the evidence remains bullish for the stock market. In fact, I should refer to the "bearish" indications as mere "concerns" because they...   READ MORE 

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BONDS ARE TESTING HEAD/SHOULDERS NECKLINE ON YIELDS -- SPX CONTINUES TO TEST WITHIN THE 1830/1860 RANGE -- XLY,XLK,XLI,XLB,XLV ALL HAVE SCTR'S HIGHER THAN 70 -- XLP,XLF,XLE ALL HAVE SCTR'S BELOW 50 -- XLU,XLP, XLV, XLY ARE TRENDING UP THIS MONTH

by John Murphy,

Chief Technical Analyst, StockCharts.com

BONDS ARE TESTING HEAD/SHOULDERS NECKLINE ON YIELDS... The $TNX represents the 10 year bond yield as shown in Chart 1. This chart portrays a potential head/shoulders top. As yields go lower, bond prices go higher. This chart needs to be followed as it disagrees with the price action...   READ MORE 

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BIG JUMP IN NEW HOME SALES SENDS HOMEBUILDERS SHARPY HIGHER -- LENNAR AND TOLL BROTHERS LEAD RALLY WHILE SEVERAL OTHERS ARE AT HIGHEST LEVELS SINCE MIDYEAR -- LOWES LEADS SHARP RALLY IN HOME IMPROVEMENT RETAILERS

by John Murphy,

Chief Technical Analyst, StockCharts.com

DJ HOME CONSTRUCTION ISHARES HIT MULTI-YEAR HIGH ... A report that new home sales climbed to the highest level in more than five years has given a big boost to homebuilders and other stocks tied to housing. Chart 1 shows the Dow Jones U.S Home Construction iShares (ITB) surging more...   READ MORE 

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APPLYING THE CONFIRMATION PRINCIPLE TO $SPX AND OTHER INDICES -- DOW TRANSPORTS AND INDUSTRIALS LAG -- GOLDMAN, 3M, FEDEX AND UPS WEIGH -- SHOOTING STARS TAKE SHAPE IN SPY AND MDY -- XLY, XLI AND XLF PLAY CATCH UP TO CONFIRM

by John Murphy,

Chief Technical Analyst, StockCharts.com

APPLYING THE CONFIRMATION PRINCIPLE TO $SPX AND OTHER INDICES ... Link for today's video. The long-term trends are clearly up for the major stock indices, but some non-confirmations could be taking shape because not all indices hit new highs. The term "non-confirmation" comes from Dow Theory. Charles...   READ MORE 

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FINANCE SECTOR CATCHES A BID -- THREE KEY BANKING STOCKS BOUNCE OFF SUPPORT -- AIRLINE INDUSTRY GROUP LEADS AGAIN IN 2014 -- AIRLINES, RAILS AND TRANSPORTS LEAD INDUSTRIALS SECTOR -- MARINE TRANSPORT STOCKS OUTPERFORM -- AIRLINE INDEX NEARS 52-WEEK HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCE SECTOR CATCHES A BID ... Link for today's video. That did not take long. I wrote about relative weakness in the Finance SPDR (XLF) and the Regional Bank SPDR (KRE) on Friday. Even though their price relatives have yet to breakout and signal a return to relative strength,...   READ MORE 

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COMMODITY PRICES ARE RISING FOR FIRST TIME IN TWO YEARS -- THAT'S GOOD FOR COUNTRIES LIKE CANADA THAT PRODUCE COMMODITIES -- BUT POTENTIALLY BAD FOR BONDS -- WHILE WEATHER IS BOOSTING SOME COMMODITIES, COPPER IS LAGGING BEHIND

by John Murphy,

Chief Technical Analyst, StockCharts.com

COMMODITY INDEX IS TURNING UP ... With the stock market running into a little resistance around its old high, and bond yields stuck in the middle of a trading range, the biggest intermarket story this past week was the 2014 climb in commodity prices. I wrote about this on Wednesday, but...   READ MORE 

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NEW HIGHS ABOUND AND AFFIRM BULL MARKET -- SPY CHALLENGES HIGH AS QQQ RECORDS NEW HIGH -- EQUAL-WEIGHT S&P 500 OUTPERFORMS, BUT RUSSELL 2000 LAGS -- REGIONAL BANKS WEIGH ON FINANCE SECTOR -- RETAIL REMAINS A DRAG ON THE CONSUMER DISCRETIONARY SECTOR

by John Murphy,

Chief Technical Analyst, StockCharts.com

NEW HIGHS ABOUND AND AFFIRM BULL MARKET... Link for today's video. Despite relative weakness in a few key groups, the bulk of the evidence remains bullish for the stock market. Several key ETFs and indicators recorded 52-week highs this week. Except for retail, the bearish points are mostly...   READ MORE 

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THE INDEXES HAVE A WEAK DAY WHILE TESTING NEW HIGHS -- CHECKING FOR A SHORT TERM TOP ON THE INDEXES -- $SPXA50R COULD BE POINTING TO A SHORT TERM TOP -- $SPXA200R POINTS TO A MORE SIGNIFICANT CORRECTION -- XLF WORKING TO STAY ABOVE THE 50 DMA

by John Murphy,

Chief Technical Analyst, StockCharts.com

THE INDEXES HAVE A WEAK DAY WHILE TESTING NEW HIGHS - ... Chart 1 shows a tight 4 day view of the indexes in a 30 minute time frame. The $SPX tried to take out the yearend high close of 1848.38 on Wednesday. It could not quite make it back...   READ MORE 

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WEAKER DOLLAR AND WEATHER GIVE COMMODITIES A BOOST -- NATURAL GAS AND COFFEE ARE BIGGEST GAINERS -- BUT UPTURNS ALSO SEEN IN ECONOMICALLY-SENSITIVE COPPER, OIL, AND SILVER -- BASIC MATERIAL AND ENERGY STOCKS ARE ALSO STRONG

by John Murphy,

Chief Technical Analyst, StockCharts.com

COMMODITIES TRACKING FUND CLEARS 200-DAY AVERAGE... After lying dormant for the last year, commodity prices are finally showing some life. Chart 1 shows the DB Commodities Tracking Fund (DBC) surging to the highest level in four months and clearing its 200-day moving average. [The DBC includes 14 actively traded commodities]...   READ MORE 

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HEALTHCARE PROVIDERS INDEX SPRINGS INTO ACTION -- AETNA, HUMANA AND UNITEDHEALTH LEAD HMO REBOUND -- ITB SHOWS UPSIDE LEADERSHIP AHEAD OF KEY DATA -- SILVER GETS A BREAKOUT AND RESISTANCE TARGET -- BASE METALS FAIL TO FOLLOW PRECIOUS METALS

by John Murphy,

Chief Technical Analyst, StockCharts.com

HEALTHCARE PROVIDERS INDEX SPRINGS INTO ACTION... Link for today's video. The HealthCare SPDR is the strongest of the nine sectors in the stock market right now. Despite being in the strongest sector, healthcare providers lagged the market and underperformed this year. This may be changing as the DJ...   READ MORE 

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TECH LEADERSHIP IS BULLISH OVERALL -- SPY APPROACHES NEW HIGH AS QQQ HITS NEW HIGH -- TWO STOCKS MAKING MOVES WITH BIG VOLUME -- AD AND AD VOLUME LINES NEAR NEW HIGHS -- NET NEW HIGHS SURGE ABOVE +2% -- RETAIL SPDR LAGS LIKE IT'S 2007

by John Murphy,

Chief Technical Analyst, StockCharts.com

TECH LEADERSHIP IS BULLISH OVERALL... Link for today's video. After a strong finish to 2013, stocks started the year flat and then fell sharply in the second half of January. Selling pressure continued on the first day of February, but stocks soon firmed and mounted a pretty strong...   READ MORE 

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THE BOND AND EQUITY MARKETS HIT KEY FIB LEVELS -- THE NASDAQ COMPOSITE MAINTAINS ITS CHANNEL -- THE MARKET SECTOR LEADERSHIP IS CHANGING -- THE SCTR RANKINGS SHOW MARKET LEADERSHIP CHANGES AS WELL MFL -- CHW RNP NKX JPI PUSH TO BECOME TOP QUARTILE

by John Murphy,

Chief Technical Analyst, StockCharts.com

THE BOND AND EQUITY MARKETS HIT KEY FIB LEVELS... After the market has worked to get back above most of our common retracement levels, it hovers in one crucial spot today. I have opened the chart John posted yesterday and added Fibonacci retracements. In Chart 1 the bonds have retraced...   READ MORE 

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BOUNCE IN BOND YIELD SUPPORTS STOCK REBOUND -- BOLLINGER BANDS TURN POSITIVE AND S&P 500 CLEARS 50-DAY LINE -- BUT DECLINING VOLUME HASN'T CONFIRMED PRICE RISE -- WEEKLY MACD LINES REMAIN NEGATIVE

by John Murphy,

Chief Technical Analyst, StockCharts.com

RISING BOND YIELDS SUPPORT STOCK REBOUND... Last Wednesday's message showed how action in the bond market offered clues to stock market direction. It showed the 10-Year Treasury Note Yield ($TNX) bouncing off its 200-day average (and staying above chart support at its October low). The message suggested that...   READ MORE