Guy S. Ortmann, CMT | Mar 25, 2019 02:10PM ET
All of the indexes closed lower Friday with negative internals on the NYSE and NASDAQ as trading volumes rose on both exchanges from the prior session. Every index chart saw some form of technical weakening while the data is sending a mix of neutral and positive readings. As such, for the reasons described below, we are changing our near term outlook from “neutral/positive” to “neutral”.
On the charts, all of the indexes closed lower Friday with broadly negative internals on heavy trading volume. The result was every index chart we follow suffered some form of technical damage.
The data is mixed.
In conclusion, the technical damage suffered by the indexes Friday on heavy volume has altered the chart trends enough to shift our outlook to “neutral” while the data is not strong enough, in our view, to compensate.
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