Guy S. Ortmann, CMT | Oct 28, 2021 09:36AM ET
The major equity indexes closed mostly lower Wednesday with the exceptions of the COMPQX and NDX posting minor gains. All closed at or near their intraday lows with broadly negative internals on the NYSE and NASDAQ. The charts saw some violations of uptrends and bearish stochastic crossover signals generated while the cautionary “evening star” candlestick pattern on the SPX, as discussed yesterday, was completed.
Meanwhile, as the McClellan OB/OS Oscillators remain neutral, the dynamic between the leveraged ETF traders and insider selling activity remains cautionary. So, as a few more clouds have come across the horizon, the charts and data continue to suggest we maintain our near-term “neutral” macro-outlook for equities.
On the charts, the major equity indexes closed mostly lower yesterday with broadly negative internals on the NYSE And NASDAQ.
The data finds the McClellan 1-Day OB/OS Oscillator are neutral (All Exchange: -2.33 NYSE: -0.93 NASDAQ: -3.8).
In conclusion, while the futures point to a positive open this morning, the charts and data continue to suggest enough risk is present to keep our near-term “neutral” macro-outlook for equities in place.
SPX: 4,525/NA DJI: 35,028/35,653 COMPQX: 15,017/15,373 NDX: 15,009/15,680
DJT: 15,302/15,945 MID: 2,747/NA RTY: 2,250/2,280 VALUA: 9,646/NA
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