Market Direction and Stock Trends

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Mike Burk: Technical Market Report

* March 18, 2017

The good news is:

• The breadth indicators improved significantly last week.

The negatives

The breadth indicators improved last week, but, with the major indices only slightly off their all time highs, the breadth indicators are not confirming the index levels.

The positives

Last week new highs increased, new lows decreased and the secondaries outperformed the blue chips. If that pattern continues the bull will be revived.

Seasonality

Average returns for the coming week have been modestly positive by most measures and a little stronger during the 1st year of the Presidential Cycle than average.

Conclusion

The breadth indicators recovered a bit last week, but, with the major indices only slightly off their all time highs, there is little chance of new index highs being confirmed by anything.
I expect the major averages to be lower on Friday March 24 than they were on Friday March 17.
Last weeks positive forecast was a miss.

Good Luck,

http://www.safehaven.com/article/43954/technical-market-report-for-march-18-2017

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