Please try another search
The data is largely unavailable this morning.
Valuation remains compelling assuming current forward earnings estimates for the SPX hold. The 12-month forward consensus earnings estimate from Bloomberg for the SPX is now $172.29, leaving the forward p/e at a 16.7 multiple while the “rule of twenty” finds fair value at 18.3. This suggests valuation is considerably more appealing now than just a few weeks ago.
In conclusion, while yesterday’s action was positive, penetrations of significant overhanging supply need to be violated before altering our near term “neutral” outlook for the major equity indexes.
The major equity indexes closed mixed yesterday with negative internals on the NYSE and mixed internals on the NASDAQ as trading volumes increased from those of the prior session. While no resistance levels were violated on the charts, several of the indexes saw significant intraday reversals with chart action suggestive of some near term bottoms being achieved. The bulk of the data is unavailable this morning but we would suspect the previous oversold conditions for the McClellan 1-day OB/OS Oscillators have been relieved. Importantly, in our opinion, significant overhanging volume persists on the charts suggesting yet more work may be required to continue advancing. As such, we are maintaining our near term “neutral” outlook for the major equity indexes.
On the charts, the indexes closed mixed yesterday with DJI (page 2), DJT (page 4) and RTY (page 5) closing lower as the rest advanced.
One of the easiest risks to minimize in investing is excessive fund fees. That’s why, when looking for ETFs, you should always try to minimize the management fee, which is the...
Leveraged exchange-traded funds (ETFs) substantially increase the potential reward of an investment by affording investors the chance to generate double or triple the returns of...
Six Best High Dividend ETFs: Main Similarities and Differences Dividend ETFs offer excellent protection for investors across volatile market cycles and provide great portfolio...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.