Major Trend Index

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April’s temporary drop in the Major Trend Index to Neutral status now appears to have simply been a false alarm. The MTI reverted to a bullish stance with the reading for the week ended May 10th, and closed the month at a moderately bullish 1.16.

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The basic message is unchanged since early March 1994.

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After ten weeks of borderline "Neutral” readings, our weight of the evidence Major Trend Index shifted back down into the "NEGATIVE" zone with the March 1 calculation. So what did the market do the next day? It scored a 45 point gain in the DJIA, with the other market averages up a little more than 1%. At this point, with the Index back in "Negative” territory, we will probably do more defensive selling if this new surge carries significantly higher.

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