Guy S. Ortmann, CMT | Feb 16, 2016 08:45AM ET
Short Term Outlook Turns Neutral/Positive
Opinion: All of the indexes closed higher Friday with positive internals as volumes declined on the NYSE and NASDAQ. All closed at or near their intraday highs after testing support levels on Thursday. The charts are now suggesting some indexes may see violations of their short term downtrend lines while tests of near term resistance appear probable. The data remains a mixed bag but insiders have been buying at their most aggressive pace since the lows of last September. As such, we are shifting our short term outlook to neutral/positive. However the advance/decline lines remain in downtrends, thus keeping us cautious for the more intermediate term.
SPX: 1,813/1,878
DJI: 15,975/16,177
COMPQX; 4,211/4,434
DJT: 6,790/7,022
MID: 1,216/1,290
RUT: 923/985
VALUA: 3,713/3,959
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