Indexes Close Mixed As Dow Jones Transportation Makes New High

By Guy S Ortmann8 days ago

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.

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On the charts, all the major equity indexes closed higher yesterday except for the COMPQX and NDX posting losses.

  • Internals were positive on the NYSE and NASDAQ. The one technical event of import was the DJT managing to post another new closing high.
  • Regarding trends, the DJT and VALUA remain in near-term uptrends while the rest are neutral.
  • Cumulative market breadth saw a slight improvement with the NYSE A/D turning positive as the All Exchange and NASDAQ cumulative A/Ds remain neutral.
  • The VALUA yielded a bearish stochastic crossover signal.

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