It's a tough day this Wednesday on Wall Street. What do the charts tell us?
Well, all of the major equity indexes closed higher Tuesday, with positive internals on the New York Stock Exchange and the Nasdaq as overall trading volumes rose from Monday's session. While the market's major indexes showed some nice gains, none violated their current resistance levels, leaving the near-term trends as a mix of "Neutral" and "Negative."
The McClellan Overbought/Oversold Oscillators have moderated from their previous oversold levels, which is part of the reason why I'm maintaining my near-term "Neutral/Negative" outlook for the major indexes.
The S&P 500 remains in a "Neutral" short-term trend:
So does the Nasdaq Composite:
By contrast, the Dow Jones Industrial Average's short-term trend is negative: