Guy S. Ortmann, CMT | Feb 13, 2018 09:28AM ET
McClellan OB/OS Oscillators Remain Oversold
Opinion: All of the indexes closed higher yesterday with positive internals on the NYSE and NASDAQ as volumes declined from the prior session. No resistance levels or downtrends were violated, however. The data is generally encouraging with one exception. As such, we are of the opinion that the “hammer formations” discussed in yesterday’s comments suggest the lows of the correction may have been put in place. Yet, going forward, recovery may be sporadic as high volume resistance levels will need to be overcome as well as current short term downtrends. Thus we are altering our outlook for the major equity indexes from negative to neutral.
SPX: 2,581/2,748
DJI: 23,522/24,875
COMPQX: 6,723/7,102
NDX: 6,237/6,661
DJT: 9,975/10,582
MID: 1,772/1,869
RTY: 1,450/1,510
VALUA: 5,765/6,044
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