Guy S. Ortmann, CMT | May 16, 2019 10:30AM ET
All of the indexes closed higher Wednesday with positive internals on the NYSE and NASAQ although volumes declined from those of the prior session. One index managed to close above its short term downtrend line as the rest remain negative. However, overall market breadth has improved while valuation has moderated and the data remains largely neutral. As such, we feel it appropriate to shift our near term outlook for the major equity indexes from “neutral/negative” to “neutral”.
On the charts, all of the indexes closed higher yesterday with positive internals as trading volumes declined from the prior session.
The data is neutral.
In conclusion, while the bulk of the index charts remain short term negative and bothersome, the neutral state of the data, improvement in market breadth and valuation are just enough to push us over the line to a “neutral” near term outlook from our previous “neutral/negative” view.
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