Weaker Momentum and Volume Bearish for Stocks

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  • Summary Analysis: This evening’s comments will be brief due to schedule conflicts. My outlook for the markets is short-term bearish as momentum continues to decelerate. The breadth of volume contraction is what concerns me the most. Investor sentiment towards the buying of stocks, especially technology and small caps, is decisively apathetic. Last week, on Thursday and Friday, I highlighted the increased buying demand for the VIX (VXX) in spite of the rally in stocks, which I also interpreted as bearish for the market.
  • Equities:
    • US Markets: Major indexes are losing consolidation support and resuming their short-term downtrends.
    • International: n/a
  • Large-Cap Volume Surgers: n/a
  • Small-Cap Volume Surgers: n/a
  • Market Moving Events:
    • Real Estate / Residential: Apr-2021 Housing Starts m/m @ -9.5% to 1.569mm vs estimates @ 1.704mm; and Building Permits @ +0.3% m/m to 1.76mm vs estimates @ 1.77mm.
    • Central Banks / US: n/a.
    • Earnings / Positive Surprises: n/a.
    • Earnings / Negative Surprises: n/a.

ETF Daily Market Performance Summary: 18-May-2021

etf daily market summary for stocks, bonds, currencies, cryptocurrencies, commodities, real estate, and equity sectors
Click to enlarge

Market Diary: 18-May-2021

market diary summary for NYSE and Nasdaq exchanges: advancers, decliners, new highs and new lows, plus mega-cap market breadth
(Click table to enlarge)

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