Market Outlook – 04/02/18 – David Settle
The intermediate posture remains bearish but the intermediate line does not have a track record for staying inside the lower-reversal zone for too long when the S&P 500 is trading at or above its 200-day MA. The near-term line has been below the chart’s midpoint for nearly 3 weeks and continued a small climb due to today’s late bounce off the intraday low. Long-term Market Sentiment is close to falling below the 50th percentile for the first time since November 2016. During the past two months, the broad market has retraced nearly 40% of its gains from the pre-election low point to the recent high in January. Also, the S&P 500 continues to trade above the support level formed during February’s long lower shadow. There are multiple layers of Fibonacci retracement support at 2,600, 2,500 and 2,400.
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