Market Outlook – 03/16/18 – David Settle
S&P 500 continues to show a bullish intermediate posture despite falling Market Sentiment and an extended bout of short-term weakness. The intermediate line for both the NASDAQ Composite and Russell 2000 sits in the upper-reversal zone reflecting a strong bullish posture. The major indexes may be showing longer-than-normal pullbacks but the actual price levels are sitting at Fibonacci retracement levels that still suggest higher odds for new bullish near-term highs. Of course, things can change if short-term support levels break but, as of right now, the expectation is for support levels to hold and continue this slowly building bullish trend.
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