Market Outlook – 03/28/18 – David Settle
The intermediate line for the S&P 500® is heading towards the lower reversal zone where it hasn’t spent much time before – the last time prior to the November 2016 presidential election and twice before that in late 2015 and early 2016 that resulted in bullish divergences. Short-term sentiment is still subdued and close to forming an oversold cluster on the broad market. Long-term Market Sentiment is falling and likely to form a new low point below the chart’s midpoint. This has set stocks up for better trending moves in the past. The only other time we’ve seen stocks ($SPX) start the year above 5% but finish the first quarter with a loss was 1980. The market started a rally in April 1980 that lasted the rest of the calendar year.
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