==> Technical Market Report By Mike Burk | July 31, 2017
The good news is:
• All of the major indices closed at all time highs last Tuesday or Wednesday.
The negatives
52 week 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.
Seasonality
Average returns have been modest during the coming week, but a little stronger during the 1st year of the Presidential Cycle.
August
Since 1963, over all years, the OTC in August has been up 59% of the time with an average gain of 0.3%. During the 1st year of the Presidential Cycle the OTC in August has been up 38% of the time with an average loss of -0.3%. The best August ever for the OTC was 2000 (+11.7%), the worst 1998 (-19.9%).
Conclusion
This report is nearly identical to last weeks report. New index highs on mediocre breadth. A difference was the blue chips outperformed the secondaries last week.
I expect the major averages to be higher on Friday August 4 than they were on Friday July 28.
As far as index performance; last week was the opposite of the previous week. The Dow Jones Industrial Average was up for the week while everything else was down for the week. So I am calling last weeks positive forecast a tie.
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