Guy S. Ortmann, CMT | Dec 30, 2021 08:50AM ET
The major equity indexes closed mostly higher yesterday except for the COMPQX posting a loss. While two of the indexes managed to register new closing highs, all the achievements occurred with generally negative internals that, in our opinion, makes the gains a bit more suspect.
While the NYSE saw positive breadth, up/down volume was negative while the NASDAQ was broadly negative on both counts. Yet, all remain in near-term uptrends except the DJT that is neutral.
The data still finds one of the McClellan OB/OS Oscillators overbought while the Open Insider B/S:Rydex Ratio dynamic slipped a bit. So, while the futures indicate a positive open this morning, we are keeping our near-term macro-outlook for equities at “neutral/positive” with the caveat that some further consolidation may be likely given the current state of the charts and data.
On the charts, the indexes closed mostly higher yesterday with the exceptions of the COMPQX posting a loss.
Looking at the data, the McClellan 1-Day OB/OS Oscillators remain neutral on the All Exchange and NASDAQ while the NYSE’s remains overbought (All Exchange: +35.22 NYSE: +65.1 NASDAQ: +14.56).
In conclusion, we remain “neutral/positive” in our near-term macro-outlook for equities.
SPX: 4,694/NA DJI: 35,960/NA COMPQX: 15,510/15,983 NDX: 16,300/16,607
DJT: 15,983/16,524 MID: 2,777/2,866 RTY: 2,200/2,250 VALUA: 9,678/9,972
/h2
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