Guy S. Ortmann, CMT | Dec 02, 2016 10:00AM ET
Psychology Data Continues Cautious Message
Opinion: Most of the indexes closed lower yesterday with negative internals on the NYSE and NASDAQ. Volumes slipped on the NYSE and rose on the NASDAQ with most indexes closing near their intraday lows. The charts yielded a few more caution signals while the data finds investor psychology flashing yellow lights. Given the state of the charts and data, we are now inclined to shift our near term outlook from “neutral” to “neutral/negative.” The continued extended valuation of the SPX keeps our intermediate view “neutral”.
Charts Give A Few More Warning Signals
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