Guy S. Ortmann, CMT | May 01, 2015 09:59AM ET
All of the indexes closed lower yesterday on heavy volume and broadly negative internals. The charts suffered technical damage across the board. However, the magnitude of the declines has shifted the data to a slightly positive short term outlook suggestive of some sideways movement or possible bounce. We remain concern for the more intermediate term as valuations continue to be historically stretched as well as the recent action in the U.S. Dollar suggesting some possible lift in commodity prices that could influence Fed policy.
Indexes Suffer Technical Damage
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