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Insiders Increase Selling Activity to Last March s Levels Charts remain constructive, but some of the psychology levels have intensified their warning signals. Jan 22, 2021 | 10:39 AM EST Three of the major equity indices managed to post new closing highs Thursday although these highs were achieved on negative breadth as the FAANG stocks were largely responsible for the gains. While the charts remain constructive, some of the psychology levels have intensified their warning signals, notably the action on the part of insiders. On the Charts The major equity indices closed mixed Thursday with negative breadth on the NSYE and Nasdaq. The S&P 500 (see above), Nasdaq Composite and Nasdaq 100 managed to post new fractionally higher all-time highs as the rest declined. ....
We ve Upgraded Our Market Outlook: Here s Why Our discipline requires us to change our near-term view. Jan 21, 2021 | 11:12 AM EST With the major equity indices posting new all-time closing highs and the FAANG stocks making notable gains, all the index charts are back in near-term uptrends. And while psychology and valuation continue to flash their warning signals, the McClellan Oscillators remain neutral. With this current setup, our discipline requires us to move our near-term outlook. Here s what the charts and data are telling us: On the Charts Source: Worden All the major equity indices closed higher Wednesday with positive internals as virtually every major equity index managed to post new all-time closing high. As such, all are now in near-term uptrends while cumulative breadth remains positive on the All-Exchange, NYSE and Nasdaq. ....
Some Index Charts Rally to Resistance Sentiment improves slightly but remains cautionary. How did Tuesday s positive trading session impact the charts and data from the major equity indices? Let s check. All the major equity indices closed higher Tuesday with generally positive internals. However, the only technical improvement was seen on the Value Line Arithmetic Index, which managed to close back above its near-term uptrend line, turning its trend back to positive from neutral. None of the other indices managed to achieve that status and remain neutral except for the Dow Jones Transports (see below), which remains negative. Further, the Dow Transports did manage to trade up to its near-term resistance. However, it is not uncommon, that once a chart breaks important support as the Transports did on Monday, for said chart to test resistance and then fail in subsequent sessions. We suspect that may be the case for the Transports but await confir ....