The Charts and Data Are Getting Darker

All of the indexes closed lower yesterday -- near their intraday lows with negative internals, as volumes dipped on the NYSE and rose slightly on the Nasdaq. Near-term support levels were violated on three of the indexes, as advance/decline lines continued to deteriorate. The data remains mixed, but all of the 1-day McClellan OB/OS Oscillators are now oversold. Nonetheless, the breaks in some of the charts combined with extended valuation and investment advisor complacency suggest an unappealing near-term risk/reward scenario, and we've shifted our near-term outlook for the major equity indexes from "neutral" to "neutral/negative."

On the charts, the Dow Jones Transports, S&P 400 Mid-Cap and Russell 2000 indexes all closed below their respective near-term support levels, while the RTY closed below its 50-day moving average (DMA), as well....250 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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