Why We Raised Our Market Outlook Can the market break out from its recent pause?
Apr 08, 2021 | 11:04 AM EDT
Lately we have been neutral in our near-term outlook for equities, largely due to valuation, the lift in the 10-year Treasury yield and sentiment concerns. However, generally bullish chart trends remain intact while insiders have backed away from the selling window since the close of the second quarter and the 10-year yield appears to have stabilized for the moment.
So, as some of these concerns have diminished, we are shifting our near-term outlook to neutral/positive.
On the Charts
The major equity indices closed mixed Wednesday with negative internals, pausing from Monday s strength.
A Pause That Refreshes?
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Index Charts See Multiple Improvements All but two key benchmarks are now in near-term uptrends.
Apr 05, 2021 | 10:39 AM EDT
The charts of the major equity indices have generated multiple positive technical events, while the data remains generally neutral as cumulative market breadth also improved.
The only thing keeping us near-term neutral in our macro-outlook for equities is the fact that the S&P 500 has already gained 70 points over the past six sessions and is gapping higher Monday morning. As such, we would look for potential tests of support for more attractive buying opportunities.
On the Charts
Source: Worden
All the major equity indices closed higher Thursday with positive internals. The charts saw multiple bullish technical events generated as follows: