Stocks: any clues?

I’ve previously mentioned how I’m reading reports suggesting that recent stock market action is reflecting a bear market rally whilst others are saying this is the start of a new Bull market. I’ve taken a look at the weekly charts of some stocks and US indices to look for clues of either behaviour.

The best I can come up with though is that most are still consolidating before their next major move BUT whether that move is up or down is still not clear. Many of these instruments are trading within Flag patterns and are currently holding above the 50% retracement fib of their recent swing high moves. (I often talk about the 61.8% fib but the 50% fib has its place in the annals of support too). At least these Flag patterns give us trend lines to watch for any breakout activity; either up or down!

S&P500 weekly: still consolidating above monthly support but within a Flag.

S&Pweekly

DJIA weekly: similar here in that price is consolidating in a Flag:

DJIAweekly

Russell 2000 weekly: either a Flag here of a bearish H&S but neither has trumped yet:

RUTweekly

SPY ETF monthly: consolidation here too:

SPYmonthly

FDX Fedex weekly: note the 50% fib supporting here for now and the recent Flag action. Watch trend lines for any breakout, either up or down!

FDXweekly

IYT Transport ETF weekly: note the 50% fib supporting here for now and the recent Flag action. Watch trend lines for any breakout here too; either up or down!

IYTweekly

UPS United Parcel Service weekly: ditto here. Note the 50% fib supporting here for now and the recent Flag action. Watch trend lines for any breakout, either up or down!

UPSweekly

AMZN Amazon weekly: the 50% fib is holding here for now:

AMZNweekly

BRK.A Berkshire Hathaway weekly: not down to 50% fib support but within a Flag for now. Watch for any trend line breakout:

BRK

PG Procter & Gamble weekly: note the bounce up off the 50% fib here:

PGweekly

TSLA Tesla weekly: the 50% fib is holding here for now:

TSLAweekly

Summary: watch these charts patterns for any Flag (trend line) breakout; either bullish or bearish.

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