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All of the major equity indexes closed higher Friday with positive internals on the NYSE and NASDAQ as overall trading volumes declined from the prior session. The SPX managed to close above resistance, turning its trend to neutral from negative. No other technical events of import were generated. All of the data is now neutral as the 1 day McClellan OB;/OS Oscillators are no longer oversold. Futures this morning are currently suggesting a strong open. Nonetheless, we are hesitant to alter our near term “neutral/negative” outlook as, in our opinion, there has not been a sufficient shift in the evidence to warrant such a move.
On the charts, all if the indexes closed higher Friday with positive internals on lighter trading volume.
The data has turned entirely neutral including all of the 1-day McClellan OB/OS Oscillators (All Exchange:-13.86 NYSE:-14.09 NASDAQ:-11.7). Their previously oversold condition that contributed to recent gains no longer exist.
In conclusion, while Friday saw nice gains and the futures indicate a positive open, we believe the charts and data continue to suggest a “neutral/negative” near term outlook remains appropriate.
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