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 beahviour.

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.

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

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

SPY ETF monthly: consolidation here too:

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!

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!

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!

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

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

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

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

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