Guy S. Ortmann, CMT | Nov 24, 2015 09:04AM ET
Breadth Remains Anemic
Opinion: The indexes closed mixed yesterday with mixed internals on the NYSE and positive internals on the NASDAQ. Volumes declined from prior sessions on both exchanges. No technical events of note took place while the data remains largely in neutral territory. The sideways action of the indexes of late has failed to surpass resistance levels for the second day in a row. And while we would still be neutral for the short term, the news hitting the tape is now dropping the futures and suggestive of the possibility of the support levels being tested over the relatively near term. We remain cautious for the intermediate term given continuing anemic market breadth and extended valuation.
SPX: 2,020/2,102
DJI: 17,150/17,903
COMPQX; 4,923/5,123
DJT: 7,895/8,330
MID: 1,394/1,465
RUT: 1,145/1,180
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