On Friday, stocks fell lower on the S&P and NASDAQ but the Dow continued to move higher and closed at another new all-time high.
Much of the selling pressure was caused by a plunge in tobacco stocks that reversed course shortly after selling lower. This set the mood for investors who then sold off a number of big names stocks including Starbucks, Exxon Mobil Stock, Amazon, Wells Fargo and others. Economic news also showed strength in the economy as consumer spending increased as did business equipment purchases. This pointed to an increased likelihood of another rate hike by the Fed this year which seemed to crush hopes the Fed might not raise rates again this year.
There are also changes to the Market Breadth Indicator charts which is discussed in tonight’s Market Breadth Indicator outlook for Monday.
Here is the outlook for the S&P and NASDAQ indexes for Mon Jul 31 2017 as viewed by the advance decline numbers from the close of trading on Fri July 28 2017.
....The market breadth indicator analysis and outlook is for FullyInformed Members.
Advance Decline Numbers Outlook For July 31 2017
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