MTI Little Changed In Low Neutral Territory

In the latest week, the Major Trend Index declined 0.01 to a low-neutral reading of 0.96, with little action among the five categories for the second week in a row.  We consider it a “tell” that the best reading the MTI could manage in response to the S&P 500’s recent 13% rally was a score of 0.97 on Nov. 6th.  With the S&P 500 still trading within a few percentage points of its May 21st all-time high, we can’t rule out that it (along with the DJIA and NASDAQ) could poke out to  new nominal highs in the days or weeks ahead.