Guy S. Ortmann, CMT | Jun 29, 2015 09:01AM ET
More Bearish Stochastic Crossovers
Opinion: The futures are implying a broadly negative open this morning. As such, we believe it likely the support levels of the respective indexes may be broken. Friday’s action saw further deterioration internally although not communicated by the index charts as no violations were created. Volumes were notably higher, however, with negative internals suggesting further selling pressure in spite of the indexes closing mixed on the day. The data remains mixed but a few more cautionary signals are now seen while more bearish stochastic crossovers were triggered on the charts. As such our neutral./negative short term outlook has turned more negative while we remain cautionary for the intermediate term.
SPX: 2,073/2,125
DJI: 17,840/18,165
COMPQX: 5,047/???
DJT: 8,242/8,566
MID: 1,530/???
RUT: 1,258/???
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