This past week, the broad markets embarked on a path towards new all-time highs, albeit on below-average volume
Capital flows saw $39 billion entering the market compared to $29.6 billion exiting, both figures falling short of recent averages
Leading the charge was the S&P 500, climbing 1.85% for the week, closely followed by the NDX […]
This past week, the broad markets embarked on a path towards new all-time highs, albeit on below-average volume. Capital flows saw $39 billion entering the market compared to $29.6 billion exiting, both figures falling short of recent averages. Leading the charge was the S&P 500, climbing 1.85% for the week, closely followed by the NDX 100 (up 1.51%) and the troops represented by the iShares Russell 2000 ETF, IWM, (up 1.19%). Notably, the S&P 500 breached resistance at 5190, closing at 5222, setting its sights on the next significant resistance hurdle – all-time highs of 5265. Additionally, the NYSE Advance-Decline index surged to new all-time highs, signaling a potentially even more bullish sentiment than the breakthrough of doji resistance. While the troops (IWM) still have a great distance to cover to near all-time highs, they face corresponding resistance around the 212 range. Overall, the broad market continues its upward trajectory fueled by robust energy (volume) and resilient capital flows.
Grace and peace my friends,
BUFF DORMEIER, CMT®
Updated: 5/13/2024. Historical references do not assume that any prior market behavior will be duplicated. Past performance does not indicate future results. This material has been prepared by Kingsview Wealth Management, LLC. It is not, and should not, be regarded as investment advice or as a recommendation regarding any particular security or course of action. Opinions expressed herein are current opinions as of the date appearing in this material only. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate their ability to invest for the long term. Investment advisory services offered through Kingsview Wealth Management, LLC (“KWM”), an SEC Registered Investment Adviser.
Shared content and posted charts are intended to be used for informational and educational purposes only. The CMT Association does not offer, and this information shall not be understood or construed as, financial advice or investment recommendations. The information provided is not a substitute for advice from an investment professional. The CMT Association does not accept liability for any financial loss or damage our audience may incur.
About the Author | Buff Dormeier, CMT
As the Chief Technical Analyst at Kingsview Wealth Management, Buff Dormeier, CMT, helps RIAs and IARs grow and preserve their affluent and institutional client’s wealth. By combining comprehensive wealth management strategies with proprietary state-of-the-art analysis, he creates an income plan for life and a legacy for beyond. A private portfolio manager, Buff developes goal-based portfolio investment strategies tailored to the financial plan of the end client.
As a volume evangelist, Buff is a regularly featured speaker and enjoys sharing his research and investment theories. He literally wrote the book on volume analysis, authoring Investing With Volume Analysis, and was awarded 2012’s Technical Analyst Book of the Year / Trader Planet’s Top Book Resource 2011.
Buff also enjoys publishing his commentary and research. That information can be found via a weekly market commentary, a host of media partners, and various technical journals.
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