Guy S. Ortmann, CMT | Aug 03, 2021 08:53AM ET
The major equity indexes closed mostly lower yesterday with negative internals on the NYSE that saw lighter trading volume while the NASDAQ had positive internals on higher volume.
The charts saw one shift in trend and two bearish stochastic crossover signals generated while the data is still sending a generally neutral message. With that said, there was not enough evidence presented to warrant a change in our current “neutral/positive” macro-outlook for equities, in our opinion.
On the charts, the major equity indexes closed mostly lower yesterday with negative NYSE internals while the NASDAQ’s were positive.
The data still finds all the McClellan 1-Day OB/OS oscillators in neutral territory (All Exchange: -5.57 NYSE: -5.17 NASDAQ: -6.75).
In conclusion, yesterday’s action left the charts and data at levels the suggest we maintain our current “neutral/positive” macro-outlook for equities intact.
SPX: 4,350/NA DJI: 34,580/NA COMPQX: 14,544/NA NDX: 14,800/15,048
DJT: 14,100/14,905 MID: 2,667/2,729 RTY: 2,120/2,225 VALUA: 9,415/9,704
/h2
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