Харьковский Дилинговый Центр | Sep 20, 2021 09:25AM ET
The major equity indexes closed lower Friday with negative internals on the NYSE while the NASDAQ’s were positive with heavy trading volumes on both due to options expiration. All closed at or near their intraday lows. Yet only one chart saw technical damage, that being the SPX, leaving the charts for the major indexes a mix of neutral and negative trends. Meanwhile, the data continues to send a mix of neutral and negative signals while market breadth, as discussed in our recent comments, remains negative and continues to deteriorate. Very weak futures this morning suggest a continuation of Friday’s weakness. So, while we are formally maintaining our near-term “neutral” macro-outlook for equities, over the past week we have suggested any sell signals in individual names should be honored. We remain of that opinion as no bottoming signals from the charts or data have been presented thus far.
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.
SPX: 4,3670/4,490
DJI: 34,352/34,953
COMPQX: 14,890/15,379
NDX: 15,265/15,690
DJT: 14,239/14,732
MID: 2,673/2,737
RTY: 2,200/2,225
VALUA: 9,388/9,670
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