Weekend Report for Monday, July 28

Weekend Report for Monday, July 27, 2025

Bottom Line:

Same as last weekend’s report: More new ATHs in the SPX NDX and NYA.Other indices with the exception of the RUT are also very close to new ATHs.

This is a market that is increasingly overdue for some retracement. It is likely to be sudden, but it is a dangerous game to just go short “hoping”. Let the market give an objective signal – like taking out a higher low in a lower timeframe before shorting.

PDF: Weekend Report_2025_07_27
VIDEO: https://youtu.be/q0bzOJbmImw

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SPX Intermediate-term Profile

No change: Even if the path of development continues higher, it is highly unlikely to come close to the rate of change of the 2nd quarter.

SPX Weekly

Here is a weekly chart that helps give some perspective on how vertical the rally from the April lows continues to be.

SPX Daily

Upper KRA: ?
Lower KRAs: 6283; 6195

RSP Weekly

Upper KRAs: 188
Lower KRA: 180; 176

NDX:

Upper KRA: ?
Lower KRA: 22951; 22668

DOW:

Upper KRAs: 45072
Lower KRA: 44623; 44236

RUT

Upper KRA: 2284; 2326
Lower KRA: 2223

New York Composite

Upper KRA: ?
Lower KRAs: 20656

Internals

This is from last weekend’s report. The NYSE cumulative A/D line is diverging, ever so slightly, against recent higher highs.

The NYSE cumulative A/D line has erased this divergence and has made ATHS.

The 10-day and 5-day MAs of NYSE advancing issues display a dramatic drop in upside momentum. As discussed many, many times, this divergence can persist for a long time.