I remain bullish on an intermediate to long-term timeframe for the S&P 500 (INDEXSP: .INX), Nasdaq Composite (INDEXNASDAQ: .IXIC), Dow Transports, Russell 2000 and the Mid-Cap MDY.
On Monday, our stop on the S&P 500 was hit (by 3 points). That happens. But we remain bullish (and long) on the U.S. stock market indices.
Both the S&P 500 and Nasdaq Composite pulled back and reversed higher to trigger an ellipse buy signal.
This is illustrated in the daily charts of both indices below.
The pullback in both the Russell 2000 and MDY appear orderly, with the MDY holding at support.
The charts below are annotated with our analysis.
S&P 500 daily Chart
Nasdaq Composite daily Chart
The author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
