This video provides end of week analysis for the US stock market covering the major indexes & several market-leading stocks. Key technical levels & developments to watch for, as well as the longer-term outlook for the stock market, are covered.

In a nutshell, the S&P 500 printed its first weekly close below the primary uptrend line off the January 2016 lows while the Nasdaq 100 closed right on its comparable primary uptrend line support. We also had a mixed bag of technicals on the majority of market leading stocks with most closing right on or near key support levels & several printing weekly candlesticks closes below their primary uptrend lines or other important support levels.

The technical outlook for the US stock market in the coming months continues to look increasing bearish by nearly all technical metrics (and remember, the fundamentals, ie.- economic data, earnings, etc., always lag behind the technicals). However, with several key market leading stocks along with the Nasdaq 100 closing at or just above support this week the possibility of a counter-trend rally before those remaining support levels give way is still decent but the market will need to hold those levels by rallying next week or we are likely to see a continuation & even acceleration of the impulsive selling that we have over the past two weeks.

Bottom line: The US stock market, along with most market leading mega-caps stocks, is in precarious technical posture & in my opinion, it more of a question of “Do we bounce first soon & then head lower in the coming months?” vs. “Is the stock market headed lower in the coming months?”.

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