Guy S. Ortmann, CMT | Feb 03, 2016 09:05AM ET
SPX Forward 12 Month Earnings Estimates Reduced
Opinion: All of the indexes closed lower yesterday with negative internals as volumes rose from the prior session. All closed at or near their intraday lows resulting in some consolidation as projected in yesterday’s comments. Importantly, the vast majority of technical support and short term uptrend lines were not violated in spite of the sizable pullback. The data remains largely neutral with a very slight positive edge. As such, we are inclined to keep our short term outlook at neutral while remaining intermediate term cautious.
SPX: 1,875/1,949
DJI: 15,975/16,592
COMPQX; 4,418/4,644
DJT: 6,580/7,022
MID: 1,230/1,315
RUT: 982/1,052
VALUA: 3,888/4,070
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