Market Outlook – 03/21/18 – David Settle
The S&P 500® suffered through a small roller coaster ride surrounding the FOMC meeting that ended with an inverted hammer candlestick reversal pattern near multiple layers of technical support. The intermediate posture remains weakly bearish as the intermediate line continues to slowly move lower at high levels on the chart. The momentum line dropped to an extreme low due to today’s late drop to close near today’s low. But, we did push up to a higher high compared to yesterday, we did not produce a lower low. In fact, the near-term continues to move higher towards the chart’s upper half – after 5 days below it. The Dow Jones Industrial Average’s intermediate line continues to fluctuate around the Market Forecast chart’s 50th percentile. The outperforming NASDAQ Composite finally shows a weak bearish posture, despite improving short-term sentiment. The Russell 2000® still mains a strong bullish posture and its short-term sentiment is the strongest: its the only major index whose near-term line crossed into the chart’s upper half.
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