The major stock market indices suffered a sharp momentum reversal last week that is not something investors want to see near all-time highs.
That said, the long-term uptrends are still in place for both the S&P 500 Index (INDEXSP: .INX) and Nasdaq 100 Index (INDEXNASDAQ: NDX) so it looks like we are likely due for volatility and further consolidation.
Both the Russell 2000 and the MidCap ETF have undercut their uptrends off the October 2023 low so these two indices need to be monitored in the next couple of weeks to see if they can recover or continue to deteriorate.
Below is a chart analyzing the S&P 500 Index.
S&P 500 Index Chart
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