Near-Term Outlook Turns 'Neutral'

On the charts, all the major equity indexes closed higher yesterday with positive internals on the NYSE and NASDAQ as trading volumes declined from the previous session.

The data finds all the McClellan 1-Day OB/OS that foreshadowed the recent market strength have returned to neutral territory, suggesting further progress may come at a slower pace (All Exchange: -15.13 NYSE: -24.8 NASDAQ: -7.23).

In conclusion, the notable improvements on the charts and market breadth are, by our work, sufficient to raise our near-term macro-outlook for equities from “neutral/negative” to “neutral” although further progress may occur at a slower pace.

SPX: 4,234/4,369

DJI: 34,188/34,844

COMPQX: 14,269/14,632

NDX: 14,485/14,876

DJT: 14,247/14,905

MID: 2,628/2,691

RTY: 2,120/2,225

VALUA: 9,145/9,550

Scroll to Top