Guy S. Ortmann, CMT | Jun 29, 2016 08:55AM ET
Data Turns Neutral
Opinion: All of the indexes closed higher yesterday with broadly positive internals as volumes declined from the prior session although remaining above average. All closed at or near their intraday highs. While there were some chart improvements, none of the current near term resistance levels were violated and remain important technical barriers to progress. As well, the large portion of the data is now neutral versus its bullish implications from yesterday morning. As such, although yesterday’s action was positive, we remain near term “neutral”, largely due to our opinion that resistance levels need to be violated in order to become more optimistic.
SPX: 1,993/2,042
DJI: 17,070/17,518
COMPQX; 4,546/4,714
DJT: 7,048/7,533
MID: 1,407/1,452
RUT: 1,079/1,142
VALUA: 4,394/4,546
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