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All the major equity indexes closed lower Thursday with negative NYSE and NASDAQ Composite internals as both saw trading volumes climb from the prior session. All closed near their midpoints of the session, leaving all the near-term downtrends intact that we continue to believe should be respected until proven otherwise. However, the down day did not result in any violations of support. The data, on the other hand, has turned more encouraging regarding sentiment and the McClellan OB/OS Oscillator levels. We would note, however, the data has been flashing green for several days that resulted only in a one-day bounce that failed to hold gains the following day. As such, while the data is saying “go,” we continue to believe it needs to be supported by more positive chart action before being embraced with a high degree of confidence. We continue to exercise patience regarding new purchases.
On the charts, all the major equity indexes closed lower yesterday with negative internals on the NYSE and Nasdaq.
The data, however, is doing its best to offer some encouragement.
In conclusion, while the data dashboard is on very green signals, we do not feel they are actionable until the charts begin to show some signs that demand is overpowering supply. More patience is required, in our view.
SPX: 3,641/3,756
DJI: 28,451/30,068
COMPQX: 10,525/11,035
NDX: 11,102/11,740
DJT: 11,774/12,670
MID: 2,201/2,289
RTY: 1,654/1,702
VALUA: 7,702/8,000
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