Market Direction and Stock Trends

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Technical market report For July 24, 2017
By Mike Burk | July 24, 2017

The good news is:

• All of the major indices closed at all-time highs last Wednesday or Thursday.

The negatives

New highs continued their failure to confirm the index highs.

The positives

New highs picked up modestly while new lows remained at non threatening levels and the secondaries outperformed the blue chips.

Seasonality

Average returns have been modest during the coming week, but a little stronger during the 1st year of the Presidential Cycle.

Conclusion

New index highs are good. The secondaries have been modestly outperforming the blue chips and that is good. The breadth indicators are not great, but ok.
I expect the major averages to be higher on Friday July 28 than they were on Friday July 21.
Last week the Dow Jones Industrial Average was down a little while everything else was up a little so I am calling last weeks positive forecast a tie.

http://www.safehaven.com/article/44616/technical-market-report-for-july-24-2017

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