US stocks are mixed early Monday, faltering as tech stocks fall, under pressure at least in part from the recent surge in Treasury yields

Against this backdrop, industrials S&P 500 and Dow maintained bullish holding patterns, asserting trading ranges backed by familiar support

Before detailing the US a broader view of the markets, the S&P 500
United States: SPX
hourly chart highlights last two weeks

Tactically, the lower end of the range (3885) is consecutive weekly lows and is followed by the firmer breakpoint (3870)

Meanwhile, the Dow Jones Industrial Average
United States: DJIA
continues to strengthen, in the short term, compared to other major references

Conversely, consider that the Dow Jones marked its last record on Friday, but with a narrow margin of four points Constructive price action

Meanwhile, the Nasdaq Composite
United States: COMP
does not press records

More immediately, the Nasdaq ventured below its early breakout point on Monday Deeper support matches the early February spread (13535), an area shown on the daily chart below

On this broader view, the Nasdaq continues to digest a recent breakout to hit records

Recall that the all-time Nasdaq record (14,175) – set last week – recorded a slight sub-target in the 14,200 area (See Feb 5 review)

Conversely, the breakout point (13,729) is followed by the spread support (13,535) Going deeper, the 50-day ascending moving average, currently 13,225, has slightly exceeded the old point breakout (13208)

Likely support of last resort is the 2020 peak (12,973), an area where the current recovery is coming from

Looking elsewhere, the Dow Jones Industrial Average has so far maintained its first support

The familiar zone corresponds to its break point (31,272), also detailed on the hourly chart

Recall that last week’s low (31,285) and early Monday session low (31,286) were recorded slightly above the breakout point

More generally, the dominant Dow flag pattern – underpinned by early support – is technically constructive

Tactically remember that the lower end of the range (3885) is consecutive weekly lows and is closely followed by the firmer breakout point (3870)

Specific areas correspond to the bottom of the S&P range (3,885), the Dow breakout point (31,272) and the Nasdaq breakout point (13,729) Constructive price action (See hourly charts)

Switching to small caps, the iShares Russell 2000 ETF
United States: IWM
continues to digest the most decisive February breakout

Meanwhile, the SPDR S&P MidCap 400 ETF
United States: MDY
also claimed a flag-shaped pattern

The predominant range is supported by spread support, around 45310, an area closely followed by the breakout point (45150)

Similarly, the SPDR Trust S&P 500
US: SPY
consolidates an early month breakout

By placing a finer point on the S&P 500, the index runs over a relatively well-defined two-week range

Tactically, the lower end of the range (3885) is consecutive weekly lows and is followed by the firmer breakpoint (3870)

To dig deeper, the 50-day ascending moving average, currently 3,792, is followed by the old bottom range (3,750)

The probable fulcrums of the last ditch correspond to the 3723 area and late January low (3694) A possible violation would mark a “lower” element – among other issues – raising a signal for technical warning

Pending such an evolution, the medium-term bullish bias of the S&P 500 remains bullish and firmly anchored in the current context

The charts below detail the names that are technically well positioned.These are radar screen names – sectors or stocks that are on the verge of moving in the near term.For the original comments on stocks below, see the library of technical indicators

To go further, the iShares MSCI Japan ETF
United States: EWJ
acts well technically

Earlier this month, stocks hit record highs, removing resistance from the January peak

The following flag pattern – the ordered range in the middle of the month – is a bullish continuation pattern

Tactically a remarkable low stretches around 7010 to 7040, levels corresponding to the breakout point and post-breakout low As it deepens, the 50-day ascending moving average, currently at 6840, marked a point of inflection The prevailing uptrend is firmly intact unless violated

Originally profiled on Jan 29, NetApp, Inc
United States: NTAP
added 59% and remains well positioned (Yield = 27%)

Technically, stocks have cleared the top of the range, hitting 21-month highs due to the increase in volume

The prevailing recovery punctuates consecutive ranges, linked to the strong rally from November to December A short-term target for projects in the 7250 zone

More generally, equities remain well positioned on the three-year chart, starting from a pattern of continuity supported by the high-end end of 2019

Southern Copper Corp
United States: SCCO
is a large cap copper miner taking off (Yield = 30%)

As shown, stocks extended a strong February breakout, hitting record highs amid a peak in volume

The prevailing recovery has taken place amid fears that the current reflation environment – the return to pre-virus economic conditions – could turn into a less desirable inflationary environment Copper prices are highly sensitive on economically and are also partly linked to the health of the housing market

Although prolonged in the short term, the almost straight peak is bullish in the long term and stocks are attractive on a pullback Short term tactical support, around 7500, is followed by the firmer break point (7200)

Old Dominion Freight Line
United States: ODFL
is a well-positioned large-cap trucking name

Technically, stocks have hit the top of the range, climbing to challenge record territory The prevailing recovery punctuates a bullish ascending triangle articulated to the September low

Tactically the old top of the line (21250) is followed by short term support, circa 20390 An escape attempt is in play unless breached

More generally, stocks are well positioned on the three-year chart, moving from an articulated continuity pattern to the unusually steep rally of 2020

Finally, Kohl’s Corp
United States: KSS
– initially profiled in November 18 – returned 806% and remains well positioned

Shares are significantly higher early on Monday, likely on the loose (for now) after a group of activist investors proposed board changes in an attempt to control the board of directors ‘administration of the company

The prevailing upturn punctuates a flag-shaped pattern, placing the group at 15-month highs Tactically the breakout point (5150) is followed by the old low end (4790) Higher sustained posture signals a strongly bullish bias

The table below includes names recently profiled in the technical indicator which remain well positioned For the original comments, see the library of technical indicators

Stocks come under pressure at the start of the week, as bond yields rise in hopes of an imminent global economic recovery

S&P 500, Nasdaq

News from the world – United States – The uptrend stops: S&P 500 walks the beach

Source: https://www.marketwatch.com/story/bull-trend-pauses-sp-500-traverses-the-range-2021-02-22