On the charts, all the major equity indexes closed lower Friday with negative internals on the NYSE while the NASDAQ’s were slightly positive. No late day buying of significance appeared, leaving all at or near their intraday lows.
The data still finds the McClellan 1-Day OB/OS Oscillators in neutral territory (All Exchange: -14.06 NYSE: -29.88 NASDAQ: -3.1).
In conclusion, while we remain “neutral” in our near-term outlook for equities, the charts and data continue to suggest some caution is warranted. We reiterate our belief that “sell signals” on individual names should be honored.