Guy S. Ortmann, CMT is a successful equity research analyst/strategist with a proven track record, over the past two decades, of using a combination of technical and fundamental analysis for timely and profitable U.S. macro equity market and stock/commodity specific ideas for institutional and high net worth clients. His research has been published in many high visibility Wall Street publications. It is his view that both technical and fundamental analysis are absolute requirements for consistent portfolio performance.
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We are keeping a close eye on these changes, but so far we haven't changed our stance.
NWSA's prior high VAP range that had functioned as resistance may now convert to price support.
The Russell 2000 index closed below trend and is now neutral. Otherwise, all of the near-term trends remain positive.
All of the indices are now in near-term uptrends, except the Dow Jones Transports, which is neutral.
Volume at price levels are serving as important resistance for several indices.
Given the state of the charts, data and valuation, we are sticking with our near-term "neutral/positive" outlook.