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S&P 500 Turns Near-Term Neutral Sentiment data remain cautionary.
Apr 15, 2021 | 10:03 AM EDT
Stocks are strong Thursday morning resulting from positive employment and retail sales releases. While the S&P 500 closed below its short-term uptrend line Wednesday, moving to a neutral near-term trend, most of the major equity index charts remain near-term bullish while market breadth is mixed.
Chart trends should continue to be respected, even as sentiment data has become more cautionary.
On the Charts
Source: Worden
The S&P 500, Nasdaq Composite and Nasdaq 100 closed lower Wednesday as the rest of the indices advanced. All closed at or near their intraday lows.
Nasdaq Breaks Above Resistance
Apr 14, 2021 | 11:00 AM EDT
Two of the major equity indices made new closing highs Tuesday while another violated resistance on a closing basis, leaving all but the Russell 2000 in near-term uptrends.
Even with the sentiment data shift to a more cautionary tone, the charts have yet to generate sell signals while the McClellan OB/OS are not what we would consider threatening.
On the Charts
Source: Worden
The S&P 500, Nasdaq Composite and Nasdaq 100 closed higher Tuesday as the rest of the major indices declined.
Internals were negative on the NYSE and mixed on the Nasdaq.
The S&P 500 and Nasdaq 100 posted new all-time closing highs while the Nasdaq Composite (see above) managed to close above near-term resistance.
Where Are the Sell Signals? 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.
Market Checkup: What the Latest Charts and Data Are Saying The S&P 500 s valuation continues to be extended.
Apr 09, 2021 | 10:03 AM EDT
All but one of the major equity indices remain in short-term uptrends with cumulative market breadth showing a slight improvement. The data remains generally neutral as well. We don t perceive any shift in the current weight of the evidence to alter our near-term macro-outlook for equities.
On the Charts
The only index closing lower Thursday was the Dow Jones Transports. The rest posted gains with positive internals on the NYSE and Nasdaq.
The S&P 500 (see below) managed to print another new closing high while the Nasdaq 100 closed above near-term resistance.