Sentiment Data Sees Slight Improvement But Still Cautionary
The major equity indexes closed mixed Monday with positive internals in the NYSE and NASDAQ, leaving all but two of the charts in near-term neutral trends. The McClellan OB/OS oscillators remain neutral as well.
Market breadth showed some slight improvement as did the bulk on the sentiment indicators. However, sentiment levels remain cautionary, in our opinion. So, while the futures indicate a weak open this morning, at this stage the charts and data continue to suggest we keep our near-term neutral/positive macro-outlook for equities in place.