Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands – MarketWatch

U.S. stocks are lower early Monday, pressured modestly to punctuate an otherwise strong January start.

Against this backdrop, each major U.S. benchmark is digesting last week’s statistically unusual breakout, pulling in from previously uncharted territory.

MW IX972 202101 20210111093315 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

MW IX973 202101 20210111093316 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Before detailing the U.S. markets’ wider view, the S&P 500’s US:SPX  hourly chart highlights the past two weeks.

As illustrated, the S&P has sustained a break to record territory, notching consecutive closes atop the 3,800 mark.

Against this backdrop, the index maintained first support Friday (3,783) — detailed previously — rising to tag a nominal record high. Bullish price action.

MW IX965 202101 20210111093308 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Similarly, the Dow Jones Industrial Average US:DJIA  has sustained its January breakout.

In the process, the blue-chip benchmark has notched consecutive closes atop the 31,000 mark. The relatively tight prevailing three-session range signals still muted selling pressure near record highs.

More broadly, the breakout originates from major support (29,964) also detailed on the daily chart.

MW IX962 202101 20210111093304 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Against this backdrop, the Nasdaq Composite US:COMP has extended its breakout, notching consecutive closes atop the 13,000 mark.

Tactically, the breakout point (12,973) pivots to notable support, an area followed by the Nasdaq’s former projected target (12,920).

More broadly, the prevailing upturn originates from major support (12,607), an area also detailed on the daily chart below.

MW IX963 202101 20210111093306 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Widening the view to six months adds perspective.

On this wider view, the Nasdaq has extended its break to record territory. The follow-through punctuates a 1.8% technical breakout, confirming the Nasdaq’s primary uptrend. A near-term target continues to project to the 13,320 area.

Conversely, the Nasdaq’s breakout point (12,973) marks a notable floor.

Delving deeper, recall that the prevailing upturn originates from the 20-day moving average and the former breakout point (12,607).

MW IX964 202101 20210111093307 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Looking elsewhere, the Dow Jones Industrial Average has also extended a break to record highs.

Against this backdrop, the index has registered three straight closes atop the 20-day Bollinger bands amid a statistically unusual two standard deviation breakout.

To reiterate, consecutive closes atop the bands signal a near-term extended posture.

Though due a consolidation phase, bullish momentum has registered as extreme, and is likely to precede longer-term follow-through.

MW IX972 202101 20210111093315 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Meanwhile, the S&P 500 has also knifed to all-time highs.

In the process, the S&P has notched consecutive closes atop the 20-day volatility bands to punctuate an unusually strong January breakout.

The bigger picture

Collectively, the major U.S. benchmarks continue to trend higher, rising amid a slightly delayed-reaction January breakout.

More directly, each index has weathered the first-day-of-the-year downdraft, rising to stage a two standard deviation break to all-time highs.

Each benchmark’s breakout originates from a successful test of the 20-day moving average near the January low.

(On a granular note, the Dow industrials have registered three straight closes atop the 20-day Bollinger bands, the S&P 500 has notched two straight closes atop the 20-day bands, and the Nasdaq has registered a single close atop the bands. Bullish price action for the longer-term.)

MW IX967 202101 20210111093310 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Moving to the small-caps, the iShares Russell 2000 ETF US:IWM  has sustained a strong 2021 start.

Recall that its nearly 3.5% breakout confirms the primary uptrend.

Tactically, the breakout point (201.18) is closely followed by gap support (199.16).

MW IX970 202101 20210111093313 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Similarly, the SPDR S&P MidCap 400 ETF US:MDY  has taken flight, rising amid bullish market rotation.

And here again, the small- and mid-cap benchmarks have both registered statistically unusual breakouts, encompassing three straight closes atop the 20-day volatility bands.

MW IX974 202101 20210111093317 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Looking elsewhere, the SPDR Trust S&P 500 US:SPY  has also reached previously uncharted territory.

The prevailing upturn punctuates a tight December range amid recently grinding-higher follow-through.

MW IX973 202101 20210111093316 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Placing a finer point on the S&P 500, the index has sustained, and slightly extended, its latest break to record highs.

The modest follow-through punctuates a successful test of first support (3,783), detailed previously.

More immediately, the 3,811 area marks an inflection point.

MW IX972 202101 20210111093315 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

More broadly, the S&P 500 has knifed to what will likely mark a higher plateau, atop the December peak.

Recall that the prevailing grinding-higher follow-through is hinged to the late-2020 double bottom, defined by the September and October lows. The 20-day moving average has underpinned recent price action.

Also recall that the January breakout has been punctuated by consecutive closes atop the 20-day Bollinger bands, signaling statistically unusual bullish momentum.

Though near-term extended, and a consolidation phase seems to be underway early Monday, the S&P 500’s intermediate-term backdrop remains firmly-bullish.

Monday’s Watch List

The charts below detail names that are technically well positioned. These are radar screen names — sectors or stocks poised to move in the near term. For the original comments on the stocks below, see The Technical Indicator Library.

MW IX966 202101 20210111093309 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Drilling down further, the SPDR Gold Shares ETF US:GLD  — profiled last week — has swiftly reversed course.

Fundamentally, surging Treasury yields (detailed Wednesday) have contributed to a strengthening U.S. dollar, and the corresponding gold downturn. As always, gold and the U.S. dollar are inversely correlated.

Technically, the downturn punctuates a bearish island reversal defined by gaps closely matching the trendline. The violation of trendline support wrecks the prior rally attempt.

Against this backdrop, a retest of the 200-day moving average, currently 172.28, is currently underway. The 200-day is a widely-tracked primary trending indicator, and the pending retest should be a useful bull-bear gauge.

MW IX978 202101 20210111095002 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Moving to U.S. sectors, the iShares Transportation Average ETF US:IYT  is acting well technically.

As illustrated, the group has rallied to the range top, rising to challenge all-time highs.

The prevailing upturn originates from the 50-day moving average, an area roughly matching the November breakout point. An intermediate-term target projects to the 240 area.

More broadly, the group is well positioned on the three-year chart, rising from a bullish continuation pattern hinged to the massive 2020 V-shaped reversal.

MW IX961 202101 20210111093303 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Chegg, Inc. US:CHGG  is a mid-cap provider of online learning solutions.

Late last year, the shares rallied to record highs, rising from a double bottom defined by the September and November lows.

More immediately, the shares have extended the uptrend, rising from a flag-like pattern hinged to the double bottom.

Tactically, the breakout point (93.90) is followed by the former range bottom (87.30). The prevailing rally attempt is intact barring a violation.

MW IX960 202101 20210111093302 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Ambarella, Inc. US:AMBA  is a well positioned mid-cap semiconductor name.

The shares started January with a breakout, knifing to five-year highs from a tight December range. (The December range is a continuation pattern, formed amid decreased volume, to punctuate the steep November spike.)

Tactically, the breakout point, circa 95.50, marks well-defined support. A sustained posture higher signals a firmly-bullish bias.

More broadly, the shares are well positioned on the five-year chart, extending a decisive break atop resistance matching the 2016 peak.

MW IX969 202101 20210111093312 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Macy’s, Inc. US:M  is a mid-cap retailer coming to life.

The shares initially spiked about two months ago, gapping higher amid vaccine-fueled optimism. The subsequent December range formed amid decreased volume, positioning the shares to build on the sharp rally.

More immediately, the shares have started the year with a respectable break to 10-month highs. The prevailing pullback places the shares near the breakout point (12.00) and 6.5% under the January peak.

MW IX971 202101 20210111093314 NS ProxyEgg Charting a bull-trend pullback: S&P 500 digests break top 20-day volatility bands - MarketWatch

Finally, Nexstar Media Group, Inc. US:NXST  is a mid-cap television broadcasting and digital media name. (Yield = 2.0%.)

As illustrated, the shares have started the year with a strong-volume break to 10-month highs. An intermediate-term target projects to the 124 area.

Conversely, the breakout point, circa 11.40, pivots to support, an area that has underpinned the initial pullback.

Still well positioned

The table below includes names recently profiled in The Technical Indicator that remain well positioned. For the original comments, see The Technical Indicator Library.

Company Symbol* (Click symbol for chart.) Date Profiled
Energy Select Sector SPDR XLE Jan. 8
Teledoc Health, Inc. TDOC Jan. 8
Dollar Tree, Inc. DLTR Jan. 8
Skyworks Solutions, Inc. SWKS Jan. 7
DexCom, Inc. DXCM Jan. 7
Financial Select Sector SPDR XLF Jan. 7
Devon Energy Corp. DVN Jan. 6
Alcoa Corp. AA Jan. 6
Wheaton Precious Metals Corp. WPM Jan. 5
FireEye, Inc. FEYE Jan. 5
Check Point Software Technologies CHKP Jan. 4
Synaptics, Inc. SYNA Jan. 4
Ceridian HCM Holding, Inc. CDAY Jan. 4
Lumentum Holdings, Inc. LITE Dec. 23
Sunrun, Inc. RUN Dec. 23
ShockWave Medical, Inc. SWAV Dec. 23
JPMorgan Chase & Co. JPM Dec. 22
Coupa Software, Inc. COUP Dec. 22
PagSeguro Digital Ltd. PAGS Dec. 22
Ballard Power Systems, Inc. BLDP Dec. 21
LivePerson, Inc. LPSN Dec. 21
United Therapeutics Corp. UTHR Dec. 21
Shopify, Inc. SHOP Dec. 18
CyberArk Software Ltd. CYBR Dec. 18
Apellis Pharmaceuticals, Inc. APLS Dec. 18
iShares Silver Trust SLV Dec. 17
Calix, Inc. CALX Dec. 17
Elastic N.V. ESTC Dec. 17
Cerner Corp. CERN Dec. 17
Universal Health Services, Inc. UHS Dec. 16
Tenet Healthcare Corp. THC Dec. 16
Sunnova Energy International, Inc. NOVA Dec. 16
Xilinx, Inc. XLNX Dec. 15
Netflix, Inc. NFLX Dec. 15
Toyota Motor Co. TM Dec. 15
Williams-Sonoma, Inc. WSM Dec. 15
iShares Nasdaq Biotechnology ETF IBB Dec. 15
SDPR S&P Regional Banking ETF KRE Dec. 14
Atlassian Corp. TEAM Dec. 14
Etsy, Inc. ETSY Dec. 14
Surface Oncology, Inc. SURF Dec. 14
Autodesk, Inc. ADSK Dec. 9
Monster Beverage Corp. MNST Dec. 9
Cimarex Energy Co. XEC Dec. 9
Plug Power, Inc. PLUG Dec. 9
F5 Networks, Inc. FFIV Dec. 8
Emerson Electric Co. EMR Dec. 8
Zscaler, Inc. ZS Dec. 7
Fortinet, Inc. FTNT Dec. 7
Kulicke and Soffa Industries, Inc. KLIC Dec. 7
Honeywell International, Inc. HON Dec. 7
Dillard’s, Inc. DDS Dec. 4
Caleres, Inc. CAL Dec. 4
Spotify Technology S.A. SPOT Dec. 3
Align Technology, Inc. ALGN Dec. 3
Valero Energy Corp. VLO Dec. 3
Analog Devices, Inc. ADI Dec. 2
Cirrus Logic, Inc. CRUS Dec. 1
Sonos, Inc. SONO Dec. 1
Dollar Tree, Inc. DLTR Dec. 1
Nuance Communications, Inc. NUAN Nov. 30
Northern Trust Corp. NTRS Nov. 30
American Airlines Group, Inc. AAL Nov. 30
Microchip Technology, Inc. MCHP Nov. 24
Coca-Cola Co. KO Nov. 24
Zillow Group, Inc. ZG Nov. 23
Yeti Holdings, Inc. YETI Nov. 23
Palo Alto Networks, Inc. PANW Nov. 20
Bank of America Corp. BAC Nov. 20
Eaton Corp. ETN Nov. 20
SPDR S&P Oil & Gas Exploration and Production ETF XOP Nov. 20
MetLife, Inc. MET Nov. 19
Hilton Worldwide Holdings, Inc. HLT Nov. 19
American Express Co. AXP Nov. 18
Kohl’s Corp. KSS Nov. 18
FleetCor Technologies FLT Nov. 18
Applied Materials, Inc. AMAT Nov. 17
Delta Air Lines, Inc. DAL Nov. 17
Consumer Staples Select Sector SPDR XLP Nov. 17
Ross Stores, Inc. ROST Nov. 16
RingCentral, Inc. RNG Nov. 13
Regions Financial Corp. RF Nov. 13
iShares Europe ETF IEV Nov. 13
Flex, Inc. FLEX Nov. 9
Snap, Inc. SNAP Nov. 9
Norfolk Southern Corp. NSC Nov. 9
Communications Services Select Sector SPDR XLC Nov. 5
Health Care Select Sector SPDR XLV Nov. 5
Alphabet, Inc. GOOGL Nov. 5
Uber Technologies, Inc. UBER Nov. 5
Keysight Technologies, Inc. KEYS Nov. 4
Harley-Davidson, Inc. HOG Nov. 4
Garmin, Ltd. GRMN Nov. 4
Pinterest, Inc. PINS Nov. 3
Sony Corp. SNE Nov. 3
8×8, Inc. EGHT Nov. 3
Exact Sciences Corp. EXAS Nov. 2
Universal Display Corp. OLED Nov. 2
Dentsply Sirona, Inc. XRAY Oct. 27
Maxim Integrated Products, Inc. MXIM Oct. 21
The Travelers Companies, Inc. TRV Oct. 21
Micron Technology, Inc. MU Oct. 20
Vulcan Materials Co. VMC Oct. 19
ON Semiconductor Corp. ON Oct. 16
Ford Motor Co. F Oct. 15
Texas Instruments, Inc. TXN Oct. 15
First Solar, Inc. FSLR Oct. 13
Nevro Corp. NVRO Oct. 12
Teradyne, Inc. TER Oct. 12
SPDR S&P Homebuilders ETF XHB Oct. 9
Shake Shack, Inc. SHAK Oct. 9
SPDR S&P Biotech ETF XBI Oct. 8
Twilio, Inc. TWLO Oct. 8
Cloudflare, Inc. NET Oct. 7
Ceridian HCM Holding, Inc. CDAY Oct. 7
RSailPoint Technology Holdings, Inc. SAIL Oct. 1
Martin Marietta Materials, Inc. MLM Sept. 30
Abercrombie & Fitch Co. ANF Sept. 29
Zendesk, Inc. ZEN Sept. 23
Scientific Games Corp. SGMS Sept. 23
Crocs, Inc. CROX Sept. 14
Five Below, Inc. FIVE Sept. 10
Eastman Chemical Co. EMN Sept. 10
International Paper Co. IP Sept. 3
Anaplan, Inc. PLAN Sept. 2
Celanese Corp. CE Aug. 26
Westlake Chemical Corp. WLK Aug. 25
Deere & Co. DE Aug. 24
Expedia Group, Inc. EXPE Aug. 24
Johnson Controls International JCI Aug. 21
Canadian Solar, Inc. CSIQ Aug. 20
General Motors Co. GM Aug. 20
Starbucks Corp. SBUX Aug. 18
Builders FirstSource, Inc. BLDR Aug. 18
Steel Dynamics, Inc. STLD Aug. 17
Brinker International, Inc. EAT Aug. 13
Enphase Energy, Inc. ENPH Aug. 13
Nucor Corp. NUE Aug. 11
Freeport McMoRan, Inc. FCX Aug. 10
Natera, Inc. NTRA Aug. 10
Industrial Select Sector SPDR XLI Aug. 6
Penn National Gaming, Inc. PENN July 30
Procter & Gamble Co. PG July 29
SPDR S&P Metals & Mining ETF XME July 28
iShares MSCI South Korea ETF EWY July 28
Advanced Micro Devices, Inc. AMD July 23
Materials Select Sector SPDR XLB July 20
Caterpillar, Inc. CAT July 20
Roku, Inc. ROKU July 16
Cognizant Technology Solutions, Inc. CTSH July 16
Consumer Discretionary Select Sector SPDR XLY July 13
SunPower Corp. SPWR July 13
Walmart, Inc. WMT July 8
Danaher Corp. DHR June 24
Fiverr International, Ltd. FVRR June 19
HubSpot, Inc. HUBS June 8
Square, Inc. SQ June 8
SPDR S&P Retail ETF XRT June 3
iShares MSCI Japan ETF EWJ May 29
Synopsis, Inc. SNPS May 27
Agilent Technologies, Inc. A May 15
Qualcomm, Inc. QCOM May 12
ServiceNow, Inc. NOW Apr. 27
Five9, Inc. FIVN Apr. 24
Chewy, Inc. CHWY Apr. 24
Tesla, Inc. TSLA Apr. 23
VanEck Vectors Semiconductor ETF SMH Apr. 17
Okta, Inc. OKTA Apr. 16
Target Corp. TGT Apr. 16
Invesco QQQ Trust QQQ Apr. 14
Apple, Inc. AAPL Mar. 27
Nvidia Corp. NVDA Mar. 27
iShares MSCI Emerging Markets ETF EEM Mar. 19
Microsoft Corp. MSFT Feb. 22
* Click each symbol for current chart.

Source of this news: https://www.marketwatch.com/story/charting-a-bull-trend-pullback-sp-500-digests-break-top-20-day-volatility-bands-2021-01-11

Related posts:

CircleCI CI/CD Solution Boosts Equity, Insights and Ease of Installation exactly why Integration Dev...
CircleCI Server 3. 2 is just increasing privacy, efficiency, together with collaboration across teams by end-to-end control over their CircleCI installation. The update provides organization incre...
Database leak exposed a large amount of credential stuffing for Spotify users - Illinoisnewstoday.co...
Researchers helped Spotify detect and address serious credential stuffing operations that affect hundreds of millions of users. On July 3, VpnMentor’s research team, led by Ran Locar and Noam Rote...
Cloudflare and Apple made a new DNS protocol to protect your data from ISPs - The Verge
Cloudflare is proposing a new DNS standard it developed with Apple that’s designed to help close a blindspot in my (and I’m sure many others’) internet privacy measures (via TechCrunch). The protocol...
No, Apple's Private Relay is not a VPN - CNET
Apple touted its privacy work at its online WWDC event for developers. Apple; screenshot by Stephen Shankland/CNET This story is part of Apple Event, our full coverage of the latest news from Apple ...
Make sure Burp's proxy listener will active - The Once daily Swig
PROFESSIONAL Burp's proxy listener is known as the local HTTP proxy equipment that listens for inward connections from your browser. This kind of allows you to monitor and intercept all HTTP req...
Dallas Invents: 129 Patents Granted for Week of March 22 » Dallas Innovates - dallasinnovates.com
Dallas Invents is a weekly look at U.S. patents granted with a connection to the Dallas-Fort Worth-Arlington metro area. Listings include patents granted to local assignees and/or those with a N...
Pfizer, Moderna expand studies from COVID-19 vaccine to offspring age 5 to 22 - Baltimore Sun
Multiple citizens familiar with the trials menti one d the Food and Drug White house has indicated to Pfizer-BioNTech and Moderna that the scale and scope of their pediatric studies, as initially...
Getting started with Burp Proxy's HTTP history - The Daily Swig
PROFESSIONAL Burp Proxy is a web proxy server that lets you view, intercept, and even modify the communication between Burp's browser and web servers. The HTTP history tab displays a log of the HTT...
Russia-Linked Nobelium Deploying New 'FoggyWeb' Malware - GovInfoSecurity.com
3rd Party Risk Management , Application Security , Cybercrime Microsoft: Malware Creates Backdoor to Exfiltrate Sensitive ADFS Server Data Mihir Bagwe • September 28, 2021     The ste...
authID.ai to Hold Annual Meeting on December 29, 2021 - KULR-TV
LONG BEACH, NY , Nov. 23, 2021 (GLOBE NEWSWIRE) -- authID.ai  [Nasdaq: AUID], a leading provider of secure, mobile, biometric authentication solutions, today announced that its 2021 Annual Meet...
Apple engineers partner with Cloudflare to enhance internet privacy - AppleInsider
Men with vision at Apple are working by Cloudflare and Fastly to supply Oblivious DNS, a new conventional that can make it harder to a user's online situations. While the Internet offers countles...
+1-888-652-8714 Fix Gmail Error 502 Easily | | laconiadailysun. com - The Laconia Daily Sun
[embedded content] There is no single cause of the Gmail 502 olvido. It can be caused by multiple disorders and the issues we provide under. A problem in the Gmail computer may prevent ...
IoT Cyberattacks Escalate in 2021, According to Kaspersky - IoT World Today
Few 1 . 51 billion IoT breaches occurred from The month of january to June, most when telnet remote access project. IoT cyberattacks more than doubled year-on-year during the first 50 % of 2...
What Your IP Address Says About You - Lifehacker Australia
You might not know it, but your IP address is a valuable piece of information. When people combine your IP address with other types of information, they can get a surprisingly close understanding of ...
Your Data-Driven Business Is Missing Something - A Proxy - Analytics Insight
You’ll be surprised to know the advantages a proxy can bring to your business.What’s the first thing that comes to your mind when you read Unblocking Netflix from another country? There are other use...
Dallas Invents: 134 Patents Granted for Week of Feb. 9 » Dallas Innovates - dallasinnovates.com
Dallas Invents is a weekly look at U.S. patents granted with a connection to the Dallas-Fort Worth-Arlington metro area. Listings include patents granted to local assignees and/or those with a N...
Geonode Proxies As a Cybersecurity Method - techbullion. com
The Geonode Proxies website is a great procedure to understand how to use Geonode and how to set up a proxy internet protokol. Most websites that will provide you advice on how t...
Amazon Prime Video VPN error still troubling users despite being fixed - PiunikaWeb
Amazon Prime Video is among the top streaming services across the globe. It is offered both as part of the Prime subscription and a standalone service. While Prime Video has a pretty decent user base...

IP Rotating Proxy Onsale

SPECIAL LIMITED TIME OFFER

00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
First month free with coupon code FREE30