Page 3 - Value Line Arithmetic News Today

Indexes Bounce But Most Trends Remain Negative

Clues to Where the Market Is Headed Next

McClellan Oscillators Are Nearing Overbought Levels Our latest look at the markets charts and indicators. More highs again. Once again, several new all-time closing highs were registered on the major equity indices on Friday as the vast majority remain in near-term uptrends and lacking sell signals. Meanwhile, the one-day McClellan OB/OS Oscillators are nearing overbought levels and forward 12-month earnings estimates for the S&P 500 continue to rise. As such, while we believe some very...

Index Charts Weaken: Cause for Concern? Forward earnings estimates for the S&P 500 have dropped. Dec 23, 2020 | 10:32 AM EST The charts of the major equity indices have weakened, but remain a mix of neutral and bullish trends. The data, on the other hand, still suggests some caution is warranted. Meanwhile, forward 12-month consensus earnings estimates for the S&P 500 have seen a notable decline, stretching what appears to be an overvalued market even further. Whats this all mean for in...

Indexes Successfully Test Support Levels Why caution is still warranted, though. They passed the test. All the major equity indices closed at or near their intraday highs Monday with successful tests of their support levels. The charts remain generally positive. However, the psychology data continues to suggest too much bullish sentiment exists while valuation remains extended with their combined signals suggesting caution is warranted. On the Charts Source: Worden The only index postin...