MLR - PMP 6/5/13
Yesterday's action featured another downside reversal, albeit on lighter volume. However, the underlying action remains negative as a number of leading stocks were hit hard yesterday, continuing the trend that we've seen over the past few days. While the NASDAQ Composite and S&P 500 Indexes were able to hold near-term support levels, futures are down this morning and the market is once again in danger of making lower lows. So far the indexes have pulled down 2-3% from their recent price highs as they chop around in a volatile two-week range. Lower lows followed by lower highs, however, could imply an impending change of trend. Whether this accelerates to the downside or finds a quantitative easing floor of support remains to be seen. For now the Market Direction Model remains on a neutral signal and on this basis we believe continued caution is warranted.
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