Guy S. Ortmann, CMT | Aug 01, 2016 10:13AM ET
The indexes closed mixed Friday with positive internals on the NYSE and mixed internals on the NASDAQ. All closed at varying points within their intraday ranges as volumes rose on both exchanges. There were positive and negative events on the charts while the data continues to send a somewhat cautionary message, particularly in psychology. Our net interpretation of the evidence leaves us staying with our near term “neutral/negative” view due to psychology, stochastic signals and valuation, all of which imply a poor risk/reward currently exists for the markets.
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