Several positive technical events were generated on the charts that are now a mix of positive and neutral. The data dashboard is little changed and mostly neutral.
However, there was a drop in bullish investor sentiment, particularly on the part of investment advisors that, in our opinion, is healthy as it continues to suggest a contraction on what we had considered to be an excess of optimism. So, while there were some improvements yesterday, our view of the overall landscape suggests we maintain our current near-term “neutral” macro-outlook for equities.
On the charts, all the major equity indexes posted gains yesterday with positive internals on the NYSE and NASDAQ, but on rather tepid trading volumes.
On the data, the McClellan 1-Day OB/OS Oscillators remain neutral (All Exchange: +21.6 NYSE: +16.06 NASDAQ: +25.64).
SPX: 4,153/4,225 DJI: 34,050/34,400 NASDAQ: 13,433/13,750
RTY: 2,180/2,240 VALUA: 9,385/9,543