Guy S. Ortmann, CMT | May 20, 2021 09:24AM ET
The major equity indexes closed mostly lower during yesterday’s volatile session. The one outlier was the NDX actually managing to post a gain.
Of note was the fact that after a severe selloff earlier in the session, most managed to close at or near their intraday highs as buyers came in near the close.
However, two of the indexes did close below support as another closed below its 50 DMA. The bulk of the charts remain in near-term downtrends with the rest neutral.
The data saw little change with the McClellan OB/OS Oscillators staying neutral while the Rydex/OIBS dynamic barely budged as insiders have yet to show any real motivation to be buying their own stock.
We would note the large-cap growth names held up well throughout the session. Whether this suggests a possible rotation back into those names has yet to be determined. “One day does not a trend make.” So, we remain near-term “neutral” in our macro-equity outlook until the weight of the evidence suggests otherwise.
On the charts, the major equity indexes closed mostly lower yesterday, with notable intraday lows, except for the NDX posting a gain.
On the data, the McClellan 1-Day OB/OS Oscillators remain neutral (All Exchange: -29.24 NYSE: -42.94 NASDAQ: -6.02).
SPX: 4,120/4,183 DJI: 34,050/34,773 COMPQX: 13,020/13,500
NDX: 12,954/13,400 DJT: 15,270/15,950 MID: 2,701/2,737
RTY: 2,180/2,240 VALUA: 9,385/9,543
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