Guy S. Ortmann, CMT | Jul 30, 2015 08:22AM ET
Remaining Intermediate Term Cautious
Opinion: All of the indexes closed higher yesterday with positive internals and near their intraday highs. Volumes declined from the prior session. Breadth was positive on both exchanges but less so on the NASDAQ. There were some improvements on the charts yet they are not out of the proverbial woods, in our view. The data has now turned largely neutral. So given the current state of the evidence, we believe the bulk of the bounce has transpired thus moving our short term outlook to neutral. We remain cautious for the intermediate term.
SPX: 2,063/2,109
DJI: 17,376/17/842
COMPQX; 5,020/5,144
DJT: 8,127/8,444
MID: 1,454/1,505
RUT: 1,210/1,245
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