Guy S. Ortmann, CMT | Jan 26, 2016 08:51AM ET
Data Largely Positive
Opinion: All of the indexes closed lower yesterday and at or near their intraday lows, essentially giving up all of Friday’s gains. Internals were broadly negative. However, volumes did decline versus the prior up session. While the performance was disappointing, no technical support levels were violated although some important sectors were notably weak. The data has turned largely supportive suggesting, in our opinion, that the markets are searching for a near term bottom with the potential for testing their respective resistance levels. We remain cautious for the more intermediate term.
On the charts, weak internals resulted in all of the indexes closing down and giving back all of last Friday’s gains. Yet no support levels were violated or tested. While the action was poor, volumes did decline versus the prior up session, offering a sliver of hope in a difficult environment.
SPX: 1,822/1921
DJI: 15,383/16,340
COMPQX; 4,418/4,644
DJT: 6,580/7,022
MID: 1,230/1,315
RUT: 982/1,052
VALUA: 3,803/4,070
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