The bulk of the indices closed lower Thursday, with the exception of the Dow Jones Industrial Average, which posted a gain. Internals were negative on the New York Stock Exchange and Nasdaq, as volumes declined from the prior session on both exchanges.
The charts saw a few more trends turn neutral as overall breadth weakened. The data are a mix of generally neutral and positive indicators. However, given the recent shift in some of the chart trends and weakness in breadth, I'm lowering my near-term outlook from "Positive" to "Neutral/Positive" for the major equity indices.
The only index to post a gain Thursday was the DJIA:
The rest of the major indices declined, with negative internals but lighter trading volumes than we saw in the prior session. For instance, the Nasdaq 100 closed below near-term support and is now in a near-term "Neutral" trend:
The Nasdaq Composite likewise generated a bearish stochastic-crossover signal, but managed to hold support:
And lastly, the Value Line Arithmetic index closed below its short-term uptrend line, as its trend also turned "Neutral":