Index Chart Trends See a Shift The wall of worry is in need of repair.
Apr 21, 2021 | 10:31 AM EDT
There were several shifts in near-term chart trends for the major equity indices Tuesday and some violations of support. Weak breadth was sufficient to turn the cumulative advance/decline lines negative while some further bearish stochastic crossovers were registered.
One possible silver lining, however, may be coming from the two of the McClellan OB/OS Oscillators that are now in oversold territory. Nevertheless, our concerns regarding the excess of bullish investor sentiment persist, as we believe the wall of worry is in need of repair.
One Key Market Index Refuses to Join the Party As more new closing highs are registered, one index is still not in an uptrend.
Apr 19, 2021 | 10:04 AM EDT
The bulk of the major equity indices closed higher Friday with only the Dow Jones Transports posting a loss.
Internals were positive on the NYSE and negative on the Nasdaq.
The S&P 500, DJIA, Nasdaq 100, MidCap 400 and Value Line Arithmetic Index all made new closing highs.
All but the Russell 2000 (see below), which is neutral, remain in near-term bullish trends and lacking sell signals.
Market breadth, however, remains split with the All Exchange and NYSE cumulative advance/decline lines positive and above their 50-day moving averages while the Nasdaq s is negative and below its 50 DMA.
A Pause That Refreshes? thestreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreet.com Daily Mail and Mail on Sunday newspapers.
Index Charts See Multiple Improvements All but two key benchmarks are now in near-term uptrends.
Apr 05, 2021 | 10:39 AM EDT
The charts of the major equity indices have generated multiple positive technical events, while the data remains generally neutral as cumulative market breadth also improved.
The only thing keeping us near-term neutral in our macro-outlook for equities is the fact that the S&P 500 has already gained 70 points over the past six sessions and is gapping higher Monday morning. As such, we would look for potential tests of support for more attractive buying opportunities.
On the Charts
Source: Worden
All the major equity indices closed higher Thursday with positive internals. The charts saw multiple bullish technical events generated as follows:
Chart Trends and Data Offer a Mix of Differing Implications thestreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreet.com Daily Mail and Mail on Sunday newspapers.