Guy S. Ortmann, CMT | Jun 16, 2021 09:55AM ET
The major equity indexes closed mostly lower Tuesday, with one exception, on negative internals for the NYSE and NASDAQ as NYSE volumes dipped and NASDAQ volumes rose from the prior session. The one technical event of note was the DJI closing below near-term support that shifted its short-term trend to negative from neutral, leaving the chart trends mixed. While market cumulative breadth remains positive, the psychology data continues to be of some concern that is, in our opinion, somewhat counterbalanced by the neutral McClellan OB/OS Oscillator readings. As such, we are maintaining our near-term “neutral/positive” macro-outlook for equities ahead of today’s release of the FOMC meeting notes.
On the charts, the major equity indexes closed mostly lower yesterday with negative internals on the NYSE and NASDAQ.
On the data, the McClellan 1-Day OB/OS Oscillators remain neutral (All Exchange: +14.98 NYSE: +8.29 NASDAQ: +20.87).
In conclusion, we remain near-term “neutral/positive” in our macro-outlook for equities while the FOMC comments may present some volatility for the markets when released at 2:00 today.
DJI: 34,138/34,576
COMPQX: 13,805/NA
NDX: 13,821/NA
DJT: 15,087/15,553
RTY: 2,275/2,365
VALUA: 9,543/NA
/h2
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.