Guy S. Ortmann, CMT | May 26, 2021 03:35PM ET
Data Remains Mostly Neutral
The major equity indexes closed mostly lower Tuesday except for the Nasdaq 100, which posted a gain. Internals were negative on the NYSE, while the NASDAQ Composite saw negative breadth but positive up/down volume. Yet, the down session had no impact of the current near-term chart trends that remain a mix of positive and neutral projections, in our opinion. The data continues to send a generally neutral message as well. As a result, with the indexes essentially at levels of one month ago, we have yet to see enough evidence presented to warrant a change in our current near-term “neutral” macro-outlook of equities.
On the charts, all the major equity indexes closed lower yesterday except for the NDX, which posted a gain.
On the data, the McClellan 1-Day OB/OS Oscillators remain neutral (All Exchange: -2.14 NYSE: -9.3 NASDAQ: +2.91).
In conclusion, both the charts and data, in our opinion, continue to suggest our near-term “neutral” macro-outlook for equities remains appropriate until enough evidence appears to warrant a change.
SPX: 4,153/4,225 DJI: 34,050/34,400 COMPQX: 13,433/13,750
NDX: 13,406/13,755
RTY: 2,180/2,240 VALUA: 9,385/9,543
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