Guy S. Ortmann, CMT | Oct 21, 2020 10:16AM ET
The major equity indexes closed higher Tuesday with positive internals on the NYSE and NASDAQ as trading volumes declined form those of the prior session. However, two of the large-cap indexes gave up the bulk of their intraday gains, closing at or near their intraday lows. No significant technical events were registered on the charts although one more index generated a bearish stochastic crossover signal. Meanwhile, the data remains generally neutral as well with the exceptions of some of the psychology data while valuation continues to appear extended. As such, we are maintaining our near-term “neutral” outlook for the equity markets for nowOn the charts, all the major equity indexes closed higher yesterday with positive internals but on lighter trade.
The data remains generally neutral.
In conclusion, we have yet to see enough evidence presented to alter our current near-term “neutral” outlook for the equity markets.
SPX: HVS3,419/3,586
DJI: HVS28,216/29,148
COMPQX: HVS11,367/12,065
NDX: HVS11,563/12,1962
DJT: 11,403/NA MID: 1,908/HVR2,007
RTY: HVS1,600/1,650 VALUA:
HVS6,4325/HVR6,747
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