The rally in the S&P 500 stock index may lose momentum through November, but the Nasdaq Composite may see a year-end rally despite stress in coming weeks,...
The rally in the S&P 500 stock index may lose momentum through November, but the Nasdaq Composite may see a year-end rally despite stress in coming weeks, according to market strategist David Rosenberg.The Dow Jones Industrial Average DJIA, the S&P 500 SPX and the Nasdaq Composite COMP have risen 4.4%, 15.9%, and 30.9% year-to-date, respectively, according to FactSet data. The Dow gained 0.1% so far this week to 34,660, while the S&P 500 and the Nasdaq Composite fell 0.1% and 0.
Rosenberg, former chief North American economist at Merrill Lynch and now president of Rosenberg Research & Associates Inc., said their primary medium-term momentum indicator for the S&P 500 has been in a downtrend since late-July, while the momentum is weak for 10 of the index’s 11 sectors, except energy.
The gauge of large-cap U.S. equities is also in the process of reversing the post-March uptrend, according to Rosenberg. “This increases the risk for a coming test of chart and trend support in the 4,195-4,100 area.” For Nasdaq Composite, the index is likely to remain under stress in the weeks ahead, due to a combination of trend and momentum pressure, noted Rosenberg.
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