I'm 'Neutral/Positive' on Major Market Indices

 | Jul 27, 2018 | 10:34 AM EDT
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I'm maintaining my near-term "neutral/positive" outlook for the major stock-market indices.

The indices closed mixed Thursday, with generally positive internals on higher trading volume. The Nasdaq Composite and Nasdaq 100 did see bearish stochastic-crossover signals appear -- but neither index violated its near-term uptrend or support level, dampening these signals' strength, as you can see here:

And here:

Additionally, both the Dow Transports and the Value Line Arithmetic Index closed at their respective resistance levels, as you can see in this chart:

And this one:

These two indices' trends would turn from neutral to positive if either one breaks resistance going forward. But for now, the Value Line index remains in a "neutral/sideways" pattern, as do the S&P Midcap 400 and the Russell 2000. Other major indices are all in uptrends.

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