Guy S. Ortmann, CMT | Oct 13, 2021 09:27AM ET
The major equity indexes closed evenly split between losers and gainers yesterday, but internals were positive on the NYSE and NASDAQ as trading volumes rose from the prior session on both. However, the end result was all the near-term chart trends were left intact in a mix of positive, negative and neutral projections while cumulative market breadth was unchanged as well.
Likewise, the data dashboard is still sending a generally neutral message except for the Insider Buy/Sell Ratio that shows insiders increasing their selling activity of late. However, the trend of higher rates for the 10-year Treasury, as well as the high yield market, continues to be a potential headwind, in our opinion.
As such, the lack of an alteration on the charts and data suggest we keep our near-term “neutral/negative” macro-outlook for equities in place.
On the charts, the indexes closed evenly split yesterday with the SPX, DJI, COMPQX, and NDX posting losses as the rest saw gains.
The data finds the McClellan 1-Day OB/OS Oscillators remaining neutral (All Exchange: +8.98 NYSE: +19.89 NASDAQ: +0.27).
In conclusion, yesterday’s market left the charts and data intact that continue to suggest our near-term “neutral/negative” macro-outlook for equities be maintained until enough evidence appears to suggest otherwise.
SPX: 4,300/4,427 DJI: 33,914/34,951 COMPQX: 14,292/14,670 NDX: 14,509/14,920
DJT: 14,256/14,731 MID: 2,624/2,723 RTY: 2,200/2,280 VALUA: 9,361/9,590
All charts courtesy of Worden
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