Guy S. Ortmann, CMT | Sep 09, 2022 09:15AM ET
All the major equity indexes closed higher Thursday with positive internals on the NYSE and NASDAQ as NYSE volumes rose and NASDAQ volumes dipped from the prior session. All closed at or near their intraday highs. However, all the near-term downtrends remained intact as they failed to be violated. Yet, there was some encouragement for said downtrends to be violated as several of the charts saw bullish stochastic crossover signals generated and suggestive of more potential strength.
Meanwhile, the data finds two of the three McClellan OB/OS Oscillators oversold along with the typically wrong leveraged ETF traders leveraged short, also offering some encouragement. So, we are stepping out a bit on the proverbial limb with the speculation that more market upside potential will continue to be present over the near term.
On the charts, all the major equity indexes closed higher yesterday with positive internals as all closed near their intraday highs.
The data also offers some encouragement, with the McClellan OB/OS Oscillators still oversold on the All Exchange & NYSE with the NASDAQ's turning neutral (All Exchange: -56.1 NYSE: -69.85 NASDAQ: -46.11).
In conclusion, while the near-term downtrends on the charts have yet to yield to buying pressure, the data, that projected recent strength, suggests more market strength may appear over the very near term.
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