Guy S. Ortmann, CMT | Apr 19, 2021 09:35AM ET
The major equity indexes closed higher Friday except for the DJTposting a loss. Internals were positive on the NYSE and negative on the NASDAQ as trading volumes rose above those of the prior session on both exchanges. The charts saw several new closing highs registered once again with all but one still in their short-term uptrends. One chart flashed a bearish stochastic crossover signal. The data still finds sentiment readings at cautionary levels. However, even with the recent market strength, the McClellan 1-Day OB/OS Oscillators remain benign and in neutral territory, suggesting the markets have not entered overbought territory. As such, we remain near-term “neutral/positive” in our macro-equity outlook given intact chart trends and lack of overbought conditions.
On the charts, the bulk of the equity indexes closed higher Friday with only the DJT (page 4) posting a loss.
The McClellan 1-DAY OB/OS oscillators are still neutral (All Exchange: +6.73 NYSE: +32.13 NASDAQ: -9.28) while the sentiment indicators remain cautionary.
In conclusion, despite sentiment levels, the charts and OB/OS levels suggest we stay “neutral/positive” in our near-term macro-outlook for equities.
SPX: 4,080/NA
DJI: 33,545/NA
COMPQX: 13,846/14,100
NDX: 13,610/NA
DJT: 14,621/NA
RTY: 2,225/2,280
VALUA: 9,176/NA
/h2
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.