The Pros Are Betting on Near-Term Weakness

The indexes closed mixed yesterday, with mixed internals on the NYSE and negative internals on the Nasdaq. No support/resistance levels were violated on the charts, as the Nasdaq Composite Index made a new closing high. But we now see the Nasdaq giving a "bearish divergence" signal, discussed below, with the majority of the index charts now neutral.

The data remains largely neutral, with a couple of cautionary signals appearing. As such, we are of the opinion that there has been enough of a shift in the evidence to change our near-term view from "neutral/positive" to "neutral."...277 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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